Each of the following items was found on the financial statements for Hartsfield Company for the year ended December 31, 2011:

Net income from continuing operations .............$ 136,500

Gain on the sale of a discontinued segment, net of taxes of $ 42,000 . 140,000

Loss from operation of discontinued segment, net of taxes of $ 24,000. (80,000)

Gain on sale of land.................... 65,000

Extraordinary loss, net of taxes of $ 6,000 .............. (20,000)

Requirements

1. For the items listed, indicate the financial statement and appropriate section, where applicable, on which each would appear.

2. Provide a description of each item and give as many details of each item’s financial statement presentation as possible.

3. Based on the data provided, what is Hartsfield Company’s tax rate?