On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $9 million. The robotics business segment qualifies as a component of the entity, according to GAAP. Consider the following additional information:
∙ The book value of the assets of the segment was $7 million at the time of the sale.
∙ The income from operations of the segment during 2024 was $4 million.
∙ Pretax income from other continuing operations for the year totaled $12 million.
∙ The income tax rate is 25%.
Prepare the lower portion of the 2024 income statement beginning with income from continuing operations before income taxes.