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Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. a. Interest revenue b. Depreciation
Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. a. Interest revenue b. Depreciation expense-Equipment c. Loss on sale of equipment d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings 1. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales 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 p. Income tax expense q. Cost of goods sold 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? Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 2C Debit $ Credit 15,600 $ 35,600 27,450 45,600 108,000 73,200 45,600 177,700 19,850 30,720 1,014,500 53,600 17,600 42,000 25,350 7 498,500
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