On December 31, 2024, the end of the fiscal year, California Microtech Corporation held its semiconductor...

 

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On December 31, 2024, the end of the fiscal year, California Microtech Corporation held its semiconductor business for sale at year- end. The estimated fair value of the segment's assets, less costs to sell, on December 31 was $13 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 $15 million. The loss from operations of the segment during 2024 was $4.1 million. Pretax income from other continuing operations for the year totaled $7.3 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. 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. On December 31, 2024, the end of the fiscal year, California Microtech Corporation held its semiconductor business for sale at year- end. The estimated fair value of the segment's assets, less costs to sell, on December 31 was $13 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 $15 million. The loss from operations of the segment during 2024 was $4.1 million. Pretax income from other continuing operations for the year totaled $7.3 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. 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.

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