Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please answer all parts On December 31, 2018, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $13.0
please answer all parts
On December 31, 2018, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $13.0 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $9.0 million. The income from operations of the segment during 2018 was $6.0 million. Pretax income from continuing operations for the year totaled $14.0 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.) REVOLUTIONARY INDUSTRIES Partial Income Statement For the Year Ended December 31, 2018 ncome from continuing operations before income taxes ncome tax expense $14,000,000 5,600,000 $ 8,400,000 Discontinued operations: Income from operations of discontinued component 3,600,000 3,600,000 Net incomeStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started