Required information Problem 13-6AA Income statement computations and format LO A2 The following information applies to the questions displayed below 4 Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31, 2017, follow Debit Credit a. Interest revenue b. Depreciation expense-Equipnent. c. Loss on sale of equipnent d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipment 15,200 $ 35,200 27,0se Dok 45, 200 107,600 72,800 45,200 176,9e0 . Gain from settlement of lawsuit h. Accunulated depreciation-Buildings i. Loss from operating a discontinued segment (pretax) 1. Gain on insurance recovery of tornado danage- k. Net sales 1. Depreciation expense-Buildings m. Correction of overstatenent of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) o. Loss from settlement of lawsuit P- Income taxes expense q. Cost of goods sold wwt 19,45e 30,320 1,010,s00 erences 53,200 17,200 40,000 24,950 494,500 Problem 13-6 Part 1 Required: 1. Assume that the company's income tax rate is 30% for all items. Compute the tax effects and after-tax amounts of the three items Check my work k. Net sales 1. Depreciation expense-Buildings m. Correction of overstatenent of prior year's sales (pretax) n. Gain on sale of discontinued segnent's assets (pretax) o. Loss from settlenent of lawsuit p. Income taxes expense q. Cost of goods sold 1,010,500 53,200 17,208 40,000 24,950 Part 1 of 4 494,500 2 polnts Problem 13-6 Part 1 Required: 1. Assume that the company's income tax rate is 30% for all items. Compute the tax effects and after-tax amounts of the three items labeled pretax. eBook Pretax 30 % Tax Effect After-Tax Print Loss from operating a discontinued segment Correction of overstatement of prior year's sales References Gain on sale of discontinued segment's assets Check my 10 n. Gain o. Loss ettlement of lawsuit p. Income taxes expense of discontinued segnent's assets (pretax) 40,000 24,950 ? q. Cost of goods sold 494,500 Part 2 of 4 Problem 13-6 Part 2 2 points 2a. What is the amount of income from continuing operations before income taxes? 2b. What is the amount of the income taxes expense? 2c. What is the amount of income from continuing operations? eflook Complete this question by entering your answers in the tabs below. Print Req 2A Req 28 Req 2C References What is the amount of income from continuing operations before income taxes? Income from continuing operations before taxes