Question

On December 31, 2011, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $10 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $8 million. The operating loss of the segment during 2011 was $3.6 million. Pretax income from continuing operations for the year totaled $5.8 million. The income tax rate is 30%. Prepare the lower portion of the 2011 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures.



$1.99
Sales3
Views452
Comments0
  • CreatedJune 24, 2013
  • Files Included
Post your question
5000