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On December 31, 2018, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $9.4 million. The business segment

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On December 31, 2018, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $9.4 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $7.2 million. The income from operations of the segment during 2018 was $4.2 million. Pretax income from continuing operations for the year totaled $12.2 million. The income tax rate is 40%. Prepare the lower portion of the 2018 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars.) Brief Exercise 4-1 Single-step income statement (L04-1) The adjusted trial balance of Pacific Scientific Corporation on December 31, 2018, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,180; cost of goods sold, $1,400; selling expenses, $195, general and administrative expenses, $185; interest expense, $60; and gain on sale of investments, $140. Income tax expense has not yet been recorded. The income tax rate is 30%. Prepare a single-step income statement for 2018. Ignore EPS disclosures. (Enter your answers in millions (.e., 10,000,000 should be entered as 10).)

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