Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year end December 31, 2015, follow.

		Debit				Credit
a.	Interest revenue						$	14,500
b.	Depreciation expenseEquipment.		$	34,500
c.	Loss on sale of equipment			26,350
d.	Accounts payable							44,500
e.	Other operating expenses			106,900
f.	Accumulated depreciationEquipment							72,100
g.	Gain from settlement of lawsuit							44,500
h.	Accumulated depreciationBuildings							175,500
i.	Loss from operating a discontinued segment (pretax)			18,750
j.	Gain on insurance recovery of tornado damage (pretax and extraordinary)							29,620
k.	Net sales							1,003,500
l.	Depreciation expenseBuildings			52,500
m.	Correction of overstatement of prior years sales (pretax)			16,500
n.	Gain on sale of discontinued segments assets (pretax)							36,500
o.	Loss from settlement of lawsuit			24,250
p.	Income taxes expense			?
q.	Cost of goods sold			487,500

Question

A)

Assume that the companys income tax rate is 40% for all items. Compute the tax effects and after-tax amounts of the four items labeled pretax. Pre tax 40% tax effect after tax

Loss from operating a discontinued segment

Gain on insurance recovery of tornado damage

Correction of overstatement of prior years sales

Gain on sale of discontinued segments assets

B)

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

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

D)What is the amount of income(loss) before the extraordinary items?

E)What is the amount of income for the year?