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24 On December 31, the end of the current fiscal year, a company completed the sale of one business segment for $92 million. The business
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On December 31, the end of the current fiscal year, a company completed the sale of one business segment for $92 million. The business segment qualifies as a component of the entily, according to GAAP. Consider the following additional information: - The book value of the assets of the segment was $7.1 million at the time of the sale - The income from operations of the segment during the current year was $41 milion. - Pretax income from other continuing operations for the year totaled $121milili. - The income tax rate is 25% Prepare the lower portion of the current year income statement beginning with income from continuing operations before income taxes. Note: Loss amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions. For example, $4,000,000 rather than $4 Step by Step Solution
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