Problem $17-6$AA $($Algo$)$ Income statement computations and format LO A$2$

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Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year$-$end December $31$ follow. Assume that the company's income tax rate is $30\%$ for all items.

a$.$ Interest revenue

b$.$ Depreciation expense$-$Equipment

c$.$ Loss on sale of equipment

d$.$ Accounts payable

e$.$ Other operating expenses

f$.$ Accumulated depreciation$-$Equipment

g$.$ Gain from settlement of lawsuit

h$.$ Accumulated depreciation$-$Buildings

i$.$ Loss from operating a discontinued segment $($pretax$)$

j$.$ Gain on insurance recovery of tornado damage

k$.$ Net sales

Depreciation expense$-8$uildings

m$.$ Correction of overstatement of prior year's sales $($pretax$)$

n$.$ Gain on sale of discontinued segment's assets $($pretax$)$

o$.$ Loss from settlement of lawsuit

p$.$ Income tax expense

q$.$ Cost of goods sold

$26,750$

$107,300$

$44,900$

$19,150$

$72,500$

$44,900$

$176,300$

$52,900$

$16,900$

$24,650$

$491,500$

What is the amount of income from continuing operations before income taxes?

$2b.$ What is the amount of the income tax expense?

$2c.$ What is the amount of income from continuing operations?

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What is the amount of income from continuing operations before income taxes?

Income from continuing operations before taxes