MICRON CORPORATION
Income Statement
FYE 12-31-18
Income from continuing operations before income taxes
Income tax expense
Income from continuing operations
Discontinued operations:
Loss from operations of discontinued component
(including loss on disposal of ______________)
Income tax benefit
Loss from discontinued operations
Net Income
Income from continuing operations before adjustment
Gain on sale of factory
Adjusted income from continuing operations
Loss from discontinued operations:
Income from operations
Loss on sale

ae yo nin S1,200,000 before considering the following transactions and events. All of the items described below are before taxes and the amounts should be considered material. 1. In November 2018, Micron sold its Waffle House restaurant chain that qualified as a component of an entity. Page 216 The company had adopted a plan to sell the chain in May 2018. The income from operations of the chain from January 1, 2018, through November was $160,000 and the loss on sale of the chain's assets was $300,000. 2. In 2018, Micron sold one of its six factories for $1,200,000. At the time of the sale, the factory had a book value of $1,100,000. The factory was not considered a component of the entity. 3. In 2016, Micron's accountant omitted the annual adjustment for patent amortization expense of S120,000. The error was not discovered until December 2018. Required Prepare Micron's income statement, beginning with income from continuing operations before taxes, for the year ended December 31, 2018. Assume an income tax rate of 30%. Ignore EPS disclosures