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ChooChoo has pre-tax profit from all operations in 2019 of $32 million. This amount includes a $5 million operating loss from the toy car
ChooChoo has pre-tax profit from all operations in 2019 of $32 million. This amount includes a $5 million operating loss from the toy car division incurred between the beginning of the year and August 15, the disposal date of the division. The $32 million profit does not include a pre-tax gain on the sale of the toy car division of $2 million. Prepare a partial statement of net income for ChooChoo for 2019, beginning with income from continuing operations before tax. (Use the condensed income statement format and assume the company is subject to a 35% income tax rate. Enter all amount in millions. Use parentheses or a minus sign to enter any loss amount.) Choochoo, Inc. Partial Statement of Net Income For the Year Ended December 31, 2019 Net Income
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