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On December 31, 2016. the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for exist16 million. The business
On December 31, 2016. the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for exist16 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was exist18 million. The loss from operations of the segment during 2016 was exist4.5 million. Pretax income from continuing operations for the year totaled exist7.2 million. The income tax rate is 40%. Prepare the lower portion of the 2016 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars.) Answer is complete but not entirely correct
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