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Lawrence has pre-tax profit from all operations in 2023 of $39 million. This amount includes a $10 million operating loss from the toy car division
Lawrence has pre-tax profit from all operations in 2023 of $39 million. This amount includes a $10 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 $39 million profit does not include a pre-tax gain on the sale of the toy car division of $7 million. Prepare a partial statement of net income for Lawrence for 2023, 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 amounts in millions. Use parentheses or a minus sign to enter any loss amount.)
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