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hi I need help answering the following question On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale of
hi I need help answering the following question On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $14 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $13 million. The loss from operations of the segment during 2021 was $3.8 million, Pretax income from continuing operations for the year totaled $6.0 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. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions.) CALIFORNIA MICROTECH CORPORATION Partial Income Statement For the Year Ended December 31, 2021 Income from continuing operations before income taxes Income from continuing operations Discontinued operations: Income (loss) on discontinued operations Net income (los) The following is a partial trial balance for General Lighting Corporation as of December 31, 2021 Debits Credits 2,700,000 87.000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 26.000 1,260,000 270,000 370,000 185.000 36,000 There were 300,000 shares of common stock outstanding throughout 2021 Income tax expense has not yet been recorded. The income tax rate is 25% Required: 1. Prepare a single-step income statement for 2021, including EPS disclosures 2. Prepare a multiple-step Income statement for 2021, Including EPS disclosures Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a single-step income statement for 2021, including EPS disclosures. (Round EPS answer to 2 decimal places GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains Total revenues and gains Expenses and losses Total ampers and Income before income e income Earnings per than Required)
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