Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year end December 31, 2013, follow.

Debit

Credit

a.

Interest revenue

$

15,700

b.

Depreciation expenseEquipment.

$

35,700

c.

Loss on sale of equipment

27,550

d.

Accounts payable

45,700

e.

Other operating expenses

108,100

f.

Accumulated depreciationEquipment

73,300

g.

Gain from settlement of lawsuit

45,700

h.

Accumulated depreciationBuildings

177,900

i.

Loss from operating a discontinued segment (pretax)

19,950

j.

Gain on insurance recovery of tornado damage (pretax and extraordinary)

30,820

k.

Net sales

1,015,500

l.

Depreciation expenseBuildings

53,700

m.

Correction of overstatement of prior years sales (pretax)

17,700

n.

Gain on sale of discontinued segments assets (pretax)

42,500

o.

Loss from settlement of lawsuit

25,450

p.

Income taxes expense

?

q.

Cost of goods sold

499,500

40 % income tax

1.

What is the amount of income from continuing operations before income taxes?

2. What is the amount of the income taxes expense?

3.

What is the amount of income from continuing operations?

4.

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

5. What is the amount of income (loss) before the extraordinary items? 6.

What is the amount of net income for the year?