Problem 17-6AA Income statement computations and format LO A2

[The following information applies to the questions displayed below.] Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow.

		Debit			Credit
a.	Interest revenue				$	14,100
b.	Depreciation expenseEquipment	$	34,100
c.	Loss on sale of equipment		25,950
d.	Accounts payable					44,100
e.	Other operating expenses		106,500
f.	Accumulated depreciationEquipment					71,700
g.	Gain from settlement of lawsuit					44,100
h.	Accumulated depreciationBuildings					174,700
i.	Loss from operating a discontinued segment (pretax)		18,350
j.	Gain on insurance recovery of tornado damage					29,220
k.	Net sales					999,500
l.	Depreciation expenseBuildings		52,100
m.	Correction of overstatement of prior years sales (pretax)		16,100
n.	Gain on sale of discontinued segments assets (pretax)					34,500
o.	Loss from settlement of lawsuit		23,850
p.	Income tax expense		?
q.	Cost of goods sold		483,500

Problem 17-6AA Part 2

Assume that the companys income tax rate is 40% for all items. Compute the tax effects and after-tax amounts of the three items labeled pretax.

2a. 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?

income from continuing operations before taxes is not 323,300 or 331,700 already tried those