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USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (6) QUESTIONS Pitchfork, Inc. is preparing its 2020 financial statements. The company's accountant calculated Income from Continuing

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USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (6) QUESTIONS Pitchfork, Inc. is preparing its 2020 financial statements. The company's accountant calculated Income from Continuing Operations to be $1,700,000, but upon further review is not certain this number is accurate Pitchfork has a corporate income tax rate of 30% Additionally, the company reports only one year of financial data on the face of the financial statements. All amounts listed are protax unless otherwise noted. After reviewing the following information, determine the appropriate adjustments if any, to Income from Continuing Operations Once you have determined the CORRECT Income from Continuing Operations, complete the remainder of the income Statement for reporting EPS 1. On January 1, 2017, Pitchfork purchased a machine for $180,000 with a salvage value of $20,000 and useful life of eight years which was depreciated using the straight-line method. During 2020, Pitchfork decided to change to double-declining balance method. The $1700,000 Income from Continuing Operations had already been calculated using the straight-line depreciation method Incorrect Question 14 Q10.71 pts Using the adjustments you made in items 9-13 above, determine the CORRECTED Income From Continuing Operations Slank_11 1236900 additional info- accumulated depreciation expense for 2020 is -19,600 adjustment to ICO for translation loss from foreign currency is 84,000 to correct I see out the adjustment for restructuring charges would be -105,000 to correct ICO for 2020 the correct rent expense after tax is - 8400 The amount of prior period Adjustments to report it on retained earnings statement to correct the beginning balance at January 1, 2020 is 10,500 to correct I CO for 2020 the adjustment for games or losses on investments would be -12,600 USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (6) QUESTIONS Pitchfork, Inc. is preparing its 2020 financial statements. The company's accountant calculated Income from Continuing Operations to be $1,700,000, but upon further review is not certain this number is accurate Pitchfork has a corporate income tax rate of 30% Additionally, the company reports only one year of financial data on the face of the financial statements. All amounts listed are protax unless otherwise noted. After reviewing the following information, determine the appropriate adjustments if any, to Income from Continuing Operations Once you have determined the CORRECT Income from Continuing Operations, complete the remainder of the income Statement for reporting EPS 1. On January 1, 2017, Pitchfork purchased a machine for $180,000 with a salvage value of $20,000 and useful life of eight years which was depreciated using the straight-line method. During 2020, Pitchfork decided to change to double-declining balance method. The $1700,000 Income from Continuing Operations had already been calculated using the straight-line depreciation method Incorrect Question 14 Q10.71 pts Using the adjustments you made in items 9-13 above, determine the CORRECTED Income From Continuing Operations Slank_11 1236900 additional info- accumulated depreciation expense for 2020 is -19,600 adjustment to ICO for translation loss from foreign currency is 84,000 to correct I see out the adjustment for restructuring charges would be -105,000 to correct ICO for 2020 the correct rent expense after tax is - 8400 The amount of prior period Adjustments to report it on retained earnings statement to correct the beginning balance at January 1, 2020 is 10,500 to correct I CO for 2020 the adjustment for games or losses on investments would be -12,600

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