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Required information [The following Information applies to the questions displayed below.] Selected account balances from the adjusted trial balance for Olinda Corporation as of
Required information [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 b. Depreciation expense-Equipment $ 14,300 $ 34,300 c. Loss on sale of equipment 26,150 d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings 44,300 106,700 71,900 44,300 175,100 1. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales 18,550 29,420 1,001,500 1. Depreciation expense-Buildings 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 52,300 16,300 35,500 24,050 p. Income tax expense q. Cost of goods sold ? 485,500 3. What is the total amount of after-tax Income (loss) associated with the discontinued segment? After-tax income from discontinued segment
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