Jamison Cruise Lines, Inc., reported the following income statement for the year ended December 31, 2012:

Requirements
1. Were Jamison€™s discontinued operations more like an expense or revenue? How can you tell?
2. Should the discontinued operations of Jamison be included in or excluded from net income? State your reason.
3. Suppose you are working as a financial analyst and your job is to predict Jamison€™s net income for 2013 and beyond. Which item from the income statement will you use for your prediction?
Identify its amount. Why will you use thisitem?

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Millions $95,500 84,100 11,400 1,000 Income from continuing operations12,400 1,100 Operating revenues .... Operating income... Other revenue (expense), net Discontinued operations, net of tax Net income