(Answered) Question - on december 31 2013 the end of the fiscal year

Accounting

Question - On December 31, 2013, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $12 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $10 million. The loss from operations of the segment during 2013 was $3.5 million. Pretax income from continuing operations for the year totaled $7.1 million. The income tax rate is 35%.

Prepare the lower portion of the 2013 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures.

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