Problem 17-6AA Income statement computations

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 $ 14,300

b. Depreciation expenseEquipment $ 34,300

c. Loss on sale of equipment 26,150

d. Accounts payable 44,300

e. Other operating expenses 106,700

f. Accumulated depreciationEquipment 71,900

g. Gain from settlement of lawsuit 44,300

h. Accumulated depreciationBuildings 175,100

i. Loss from operating a discontinued segment (pretax) 18,550

j. Gain on insurance recovery of tornado damage 29,420

k. Net sales 1,001,500

l. Depreciation expenseBuildings 52,300

m. Correction of overstatement of prior years sales (pretax) 16,300

n. Gain on sale of discontinued segments assets (pretax) 35,500

o. Loss from settlement of lawsuit 24,050

p. Income tax expense ?

q. Cost of goods sold 485,500

Assume that the companys income tax rate is 30% 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?

Note: Income from continuing operations before taxes 331,100 I tried that and its wrong

al Verizon 41% 1:58 p. m. Problem 17-6A A Income statement computations Selected account balances from the adjusted trial balance for Old Corporation as of its calendar year end December 3 follow que of equipment Accounts Acumulated Gain from Acced 175.100 Depreca 52300 m Huilings Comestion of ovement of prior year's discontinued cilement of Cost of goods Assume that the company income tax all items the tax effects and of the them eled preta for amount What is the m ten