On December 31, 2024, the company's fiscal year-end, the book value of the assets of the...

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On December 31, 2024, the company's fiscal year-end, the book value of the assets of the horse division was $460,000. On th date, the fair value of the assets, less costs to sell, was $400,000. The before tax loss from operations of the division for the year was $340,000 The after-tax income from continuing operations for 2024 was $600,000. The company's effective tax rate is 25% Required: 1. Prepare a partial income statement for 2024 beginning with income from continuing operations. Ignore EPS disclosures 2. Prepare a partial income statement for 2024 beginning with income from continuing operations. Assume that the estimated net fair value of the horse division's assets was $800,000 instead of $400,000. Ignore EPS disclosures. On December 31, 2024, the company's fiscal year-end, the book value of the assets of the horse division was $460,000. On th date, the fair value of the assets, less costs to sell, was $400,000. The before tax loss from operations of the division for the year was $340,000 The after-tax income from continuing operations for 2024 was $600,000. The company's effective tax rate is 25% Required: 1. Prepare a partial income statement for 2024 beginning with income from continuing operations. Ignore EPS disclosures 2. Prepare a partial income statement for 2024 beginning with income from continuing operations. Assume that the estimated net fair value of the horse division's assets was $800,000 instead of $400,000. Ignore EPS disclosures.

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