On December $31,2024,$ the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $$18$ million. The semiconductor business segment qualifies as a component of the entity according to GAAP. Consider the following additional information.

$$ The book value of the assets of the segment at the time of the sale was $$17$ million.

$$ The loss from operations of the segment during $2024$ was $$3\mathrm{.}2$ million.

$$ Pretax income from other continuing operations for the year totaled $$6\mathrm{.}0$ million.

$$ The income tax rate is $25\%.$

Prepare the lower potion of the $2024$ income statement beginning with income from continuing operations before income taxes.

Note: Loss amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions. For example, $$4,000,000$ rather than $$4.$

Answer rating: 100% (QA)

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