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. Selected account balances from the adjusted trial balance for Stomachache Corporation as of its calendar year-end December 31 are as follows: Debit (INR) Credit

. Selected account balances from the adjusted trial balance for Stomachache Corporation as of its calendar year-end December 31 are as follows:

Debit (INR)

Credit (INR)

a. Interest revenue

15,300

b. Depreciation expense Equipment

35,300

c. Loss on sale of equipment

27,150

d. Accounts Payable

45,300

e. Other operating expenses

107,700

f. Accumulated depreciation Equipment

72,900

g. Gain from settlement of lawsuit

45,300

h. Accumulated depreciation Building

177,100

i. Loss from operating a discontinued segment (pretax)

19,550

j. Gain on insurance recovery of tornado damage

30,420

k. Net sales

1,011,500

l. Depreciation expense Buildings

53,300

m. Correction of overstatement of prior years sales (pretax)

17,300

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

40,500

o. Loss from settlement of lawsuit

25,050

p. Income tax expense

?

q. Cost of goods sold

495,500

Assume a tax rate of 30%. Required:

  1. Compute the below
    1. What is the amount of income from continuing operations before income taxes?
    2. What is the amount of the income tax expense?
    3. What is the amount of income from continuing operations after income taxes?

  1. What is the total amount of after-tax income (loss) associated with the discontinued segment?

What is the amount of net income for the year?

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