Question
On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $10.8 million. The robotics
On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $10.8 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 $7.9 million at the time of the sale. The income from operations of the segment during 2024 was $4.9 million. Pretax income from other continuing operations for the year totaled $12.9 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. Note: Loss amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions. For example, $4,000,000 rather than $4. 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: 0 On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $10.8 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 $7.9 million at the time of the sale. The income from operations of the segment during 2024 was $4.9 million. Pretax income from other continuing operations for the year totaled $12.9 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. Note: Loss amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions. For example, $4,000,000 rather than $4. 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: 0
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