BE4-7 On December 31, 2021, the end of the fscal year, California Microtech Corporation completed the sale of its semiconductor business for $10 million. The semiconductor business segment qualifes as a component of the entity according to GAAP. The book value of the assets of the segment was $8 million. The loss from operations of the segment during 2021 was $3.6 million. Pretax income from continuing operations for the year totaled $5.8 million. The income tax rate is 25%. Prepare the lower portion of the 2021 income statement beginning with income from continuing operations before income taxes. Ignore EPS disclosures.

BE4-8 Refer to the situation described in BE 47. Assume that the semiconductor segment was not sold during 2021 but was held for sale at year-end. The estimated fair value of the segments assets, less costs to sell, on December 31 was $10 million. Prepare the lower portion of the 2021 income statement beginning with income from continuing operations before income taxes. Ignore EPS disclosures