(Answered) On december 31 2016 the end of the fiscal year california

Accounting

On December 31, 2016, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $21 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $19 million. The loss from operations of the segment during 2016 was $3.2 million. Pretax income from continuing operations for the year totaled $6.9 million. The income tax rate is 40%.

Prepare the lower portion of the 2016 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars.)

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