Discontinued operations and extraordinary item. (LO 1)

Each of the following items was found on the financial statements for Logan Company for the year ended December 31, 2008.

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a. For each item listed, indicate the financial statement and appropriate section, if applicable, on which each would appear.

b. Provide a description of each item and give as many details of each item's financial statement presentation as possible.

c. Based on the data provided, what is Logan Company's tax rate?

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Income from continuing operations 85,000 Gain on the sale of discontinued segment, net of taxes $9,000 30,000 Loss from operation of discontinued segment, net of taxes of $9,750 (32,500) Gain on sale of equipment 12,000 Extraordinary loss from earthquake, net of taxes $45,000 (150,000)