Discontinued operations and extraordinary item. (LO 1)

Each of the following items was found on the financial statements for Hartsfield Company for the year ended December 31, 2007.

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a. For the items listed, indicate the financial statement and appropriate section, where 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 Hartsfield Company's tax rate?

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Net income from continuing operations $136,500 Gain on the sale of a discontinued segment, net of taxes of $42,000 Loss from operation of discontinued segment, net of taxes of $24,000 140,000 (80,000) Gain on sale of land 65.000 Extraordinary loss, net of taxes of $6,000 (20,000)