I was able to answer questions 1-5 correctly but I am confused as to what to do for 6-8.

ASU Home 25/1.25 pts Question 1 Pitchfork, Inc. is preparing its 2020 financial statements. The company's accountant calculated Income from Continuing Operations to be $1,700,000, but upon further review is not certain this number is accurate. Pitchfork has a corporate income tax rate of 30%. Additionally, the company reports only one year of financial data on the face of the financial statements. All amounts listed are pretax unless otherwise noted. After reviewing the following information, determine the appropriate adjustments, if any, to Income from Continuing Operations. Once you have determined the CORRECT Income from Continuing Operations, complete the remainder of the Income Statement for reporting EPS. 1. On January 1, 2017, Pitchfork purchased a machine for $180,000 with a salvage value of $20,000 and useful life of eight years which was depreciated using the straight-line method. During 2020, Pitchfork decided to change to double-declining- balance method. The $1,700,000 Income from Continuing Operations had already been calculated using the straight-line depreciation method. Determine the correct ADJUSTMENT to Income from Continuing Operations (ICO) for Depreciation Expense in 2020. If you need to increase ICO, enter your answer as a positive number, if you need to decrease ICO, enter your answer as a negative number using () parenthesis. If you determine that Depreciation Expense for 2020 was calculated correctly and therefore does not require an adjustment to ICO, enter NE. Do not use dollar signs or commas when entering your answer. Adjustment for Depreciation Expense (2020): $[Blank_1] (19600) Question 2 1.25/1.25 pts Continuing with the information presented in #1 above, Pitchfork has ICO of $1,700,000 and a corporate tax rate of 30%. Determine if ICO should be adjusted based on the following information: 2. Pitchfork had an unrealized loss from foreign currency translation adjustments of $120,000 (pretax) that was included in calculating the $1,700,000 income from continuing operations. Adjustment to I.C.O. for Translation Loss from Foreign Currency: $[Blank_2] If you want to increase ICO, enter your answer as a positive number; if you want to decrease ICO, enter your answer as a negative number using ( parenthesis. If you feel this transaction was correctly reported and would not need an adjustment to ICO, enter NE. 84000 Question 3 1.25/1.25 pts Continuing with the information presented in #1 above, Pitchfork Inc has Income from Continuing Operations (ICO) of $1,700,000 and a corporate tax rate of 30%. Determine if ICO should be adjusted based on the following information: 3. During 2020, Pitchfork closed one of its stores for a pre-tax loss of $150,000. This store closure did not qualify as a component of the entity, nor did it create a strategic shift in the operations of the entity. Therefore, it should not be treated as Discontinued Operations. The $150,000 restructuring charges were excluded in determining the $1,700,000 income from continuing operations. To correct I.C.O., the Adjustment for Restructuring Charges would be $[Blank_3] To add to ICO, use a positive number; to subtract from ICO, enter a negative number using () parenthesis; if no adjustment is necessary, enter NE. (105000) Question 4 1.25/1.25 pts Continuing with the information presented in #1 above, Pitchfork has Income from Continuing Operations (ICO) of $1,700,000 and a corporate tax rate of 30%. Determine if ICO should be adjusted based on the following information: 4. On April 1, 2019 Pitchfork paid $24,000 for two years rent on office space and at the time debited Rent Expense. No adjusting or correcting entries were made for this transaction in 2019 or 2020. a. To correct I.C.O for 2020, the correct Rent Expense (after tax) would be: $ (8400) If you want to increase I.C.O, enter your answer as a positive number. If you want to decrease I.C.O., enter your answer as a negative number using () parenthesis. b. Determine the amount of the Prior Period Adjustment to be reported on the Retained Earnings Statement to correct the Beginning Balance at Jan 1, 2020: 10500 If you want to increase the Beg. Bal of R.E., enter your answer as a positive number. If you want to decrease the Beg Bal., enter your answer as a negative number using () parenthesis. Answer 1: (8400) Answer 2: 10500 Question 5 1.25 /1.25 pts 5. Pitchfork sold investments during the year that resulted in a pre-tax loss of $18,000. The company also had unrealized gains on Available for Sale securities of $20,000 (pre-tax). Both of these transactions were excluded in determining the $1,700,000 Income from Continuing Operations calculation. To correct I.C.O. for 2020, the adjustment for gains/losses on investments would be: $[Amount_1] If you want to increase I.C.O., enter your answer as a positive number. To decrease 1.C.O., enter your answer as a negative number using ( parenthesis. (12600) Question 6 0/1.25 pts Using the adjustments you made in items 1-5 above, determine the CORRECTED Income From Continuing Operations. $[Blank_1] 1668500 Question 7 0/1.25 pts Referring to the information presented above in questions 1-6, determine Pitchfork's Comprehensive Income as of year end: $[Blank_1] 1739900 Question 8 0/1.25 pts Determine Pitchfork's EPS for Net Income based on the following: (round to the nearest whole cent.) Dividends of $90,000 were declared on December 10, 2020; to be paid on January 10, 2021. Of these dividends, $40,000 were for preferred shareholders. The average common shares outstanding during 2020 were 100,000. Do not use $ signs in recording your answer. For example, if you determine EPS for NI to be $10.457, record your answer as 10.46. 0.50 ASU Home 25/1.25 pts Question 1 Pitchfork, Inc. is preparing its 2020 financial statements. The company's accountant calculated Income from Continuing Operations to be $1,700,000, but upon further review is not certain this number is accurate. Pitchfork has a corporate income tax rate of 30%. Additionally, the company reports only one year of financial data on the face of the financial statements. All amounts listed are pretax unless otherwise noted. After reviewing the following information, determine the appropriate adjustments, if any, to Income from Continuing Operations. Once you have determined the CORRECT Income from Continuing Operations, complete the remainder of the Income Statement for reporting EPS. 1. On January 1, 2017, Pitchfork purchased a machine for $180,000 with a salvage value of $20,000 and useful life of eight years which was depreciated using the straight-line method. During 2020, Pitchfork decided to change to double-declining- balance method. The $1,700,000 Income from Continuing Operations had already been calculated using the straight-line depreciation method. Determine the correct ADJUSTMENT to Income from Continuing Operations (ICO) for Depreciation Expense in 2020. If you need to increase ICO, enter your answer as a positive number, if you need to decrease ICO, enter your answer as a negative number using () parenthesis. If you determine that Depreciation Expense for 2020 was calculated correctly and therefore does not require an adjustment to ICO, enter NE. Do not use dollar signs or commas when entering your answer. Adjustment for Depreciation Expense (2020): $[Blank_1] (19600) Question 2 1.25/1.25 pts Continuing with the information presented in #1 above, Pitchfork has ICO of $1,700,000 and a corporate tax rate of 30%. Determine if ICO should be adjusted based on the following information: 2. Pitchfork had an unrealized loss from foreign currency translation adjustments of $120,000 (pretax) that was included in calculating the $1,700,000 income from continuing operations. Adjustment to I.C.O. for Translation Loss from Foreign Currency: $[Blank_2] If you want to increase ICO, enter your answer as a positive number; if you want to decrease ICO, enter your answer as a negative number using ( parenthesis. If you feel this transaction was correctly reported and would not need an adjustment to ICO, enter NE. 84000 Question 3 1.25/1.25 pts Continuing with the information presented in #1 above, Pitchfork Inc has Income from Continuing Operations (ICO) of $1,700,000 and a corporate tax rate of 30%. Determine if ICO should be adjusted based on the following information: 3. During 2020, Pitchfork closed one of its stores for a pre-tax loss of $150,000. This store closure did not qualify as a component of the entity, nor did it create a strategic shift in the operations of the entity. Therefore, it should not be treated as Discontinued Operations. The $150,000 restructuring charges were excluded in determining the $1,700,000 income from continuing operations. To correct I.C.O., the Adjustment for Restructuring Charges would be $[Blank_3] To add to ICO, use a positive number; to subtract from ICO, enter a negative number using () parenthesis; if no adjustment is necessary, enter NE. (105000) Question 4 1.25/1.25 pts Continuing with the information presented in #1 above, Pitchfork has Income from Continuing Operations (ICO) of $1,700,000 and a corporate tax rate of 30%. Determine if ICO should be adjusted based on the following information: 4. On April 1, 2019 Pitchfork paid $24,000 for two years rent on office space and at the time debited Rent Expense. No adjusting or correcting entries were made for this transaction in 2019 or 2020. a. To correct I.C.O for 2020, the correct Rent Expense (after tax) would be: $ (8400) If you want to increase I.C.O, enter your answer as a positive number. If you want to decrease I.C.O., enter your answer as a negative number using () parenthesis. b. Determine the amount of the Prior Period Adjustment to be reported on the Retained Earnings Statement to correct the Beginning Balance at Jan 1, 2020: 10500 If you want to increase the Beg. Bal of R.E., enter your answer as a positive number. If you want to decrease the Beg Bal., enter your answer as a negative number using () parenthesis. Answer 1: (8400) Answer 2: 10500 Question 5 1.25 /1.25 pts 5. Pitchfork sold investments during the year that resulted in a pre-tax loss of $18,000. The company also had unrealized gains on Available for Sale securities of $20,000 (pre-tax). Both of these transactions were excluded in determining the $1,700,000 Income from Continuing Operations calculation. To correct I.C.O. for 2020, the adjustment for gains/losses on investments would be: $[Amount_1] If you want to increase I.C.O., enter your answer as a positive number. To decrease 1.C.O., enter your answer as a negative number using ( parenthesis. (12600) Question 6 0/1.25 pts Using the adjustments you made in items 1-5 above, determine the CORRECTED Income From Continuing Operations. $[Blank_1] 1668500 Question 7 0/1.25 pts Referring to the information presented above in questions 1-6, determine Pitchfork's Comprehensive Income as of year end: $[Blank_1] 1739900 Question 8 0/1.25 pts Determine Pitchfork's EPS for Net Income based on the following: (round to the nearest whole cent.) Dividends of $90,000 were declared on December 10, 2020; to be paid on January 10, 2021. Of these dividends, $40,000 were for preferred shareholders. The average common shares outstanding during 2020 were 100,000. Do not use $ signs in recording your answer. For example, if you determine EPS for NI to be $10.457, record your answer as 10.46. 0.50