Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On December 3 1 , 2 0 2 4 , the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business

On December 31,2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $9 million. The robotics business segment qualifies as a component of the entity, according to GAAP. Consider the following additional information:
The book value of the assets of the segment was $7 million at the time of the sale.
The income from operations of the segment during 2024 was $4 million.
Pretax income from other continuing operations for the year totaled $12 million.
The income tax rate is 25%.
Prepare the lower portion of the 2024 income statement beginning with income from continuing operations before income taxes.
REVOLUTIONARY INDUSTRIES
Partial Income Statement
For the Year Ended December 31,2024
Income from continuing operations before income taxes ?
Income from continuing operations ?
Discontinued operations:

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Explain the guideline for job description.

Answered: 1 week ago

Question

What is job description ? State the uses of job description.

Answered: 1 week ago

Question

What are the objectives of job evaluation ?

Answered: 1 week ago

Question

Write a note on job design.

Answered: 1 week ago