Question: On December 31 2011 the end of the fiscal year
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.
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