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Return to question Brief Exercise 4-8 Discontinued operations [LO4-4) The semiconductor business of the California Microtech Corporation qualifies as a component of the entity according to GAAP The ue of the assets of the segment was $18 million. The loss from operations of the segment during 2018 was $4.5 milion. Pretax me from continuing operations for the year totaled $72 million. The income tax rate is 40%. Assume that the semiconductor segment was not sold during 2018 but was held for sale at year-end. The estimated fair value of the segment's assets, less costs to sell, on December 31 was $20 million, Prepare the lower portion of the 2018 income statement beginning with pretax income from continuing operations. Ignore E disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars. Answer is complete but not entirely correct. CALIFORNIA MICROTECH CORPORATION Partial Income Statement For the Year Ended December 31,2018 Income from continuing operations before income taxes 7.200,000 2,880,000 Income tax expense Answer is complete but not entirely correct. CALIFORNIA MICROTECH CORPORATION Partial Income Statement For the Year Ended December 31, 2018 Income from continuing operations before income taxes s 7,200,000 >| 2,880,000 Income tax expense s 4,320,000 Income from continuing operations Discontinued operations: Loss from discontinued component ncome tax benefit (6,500,000) 2,600,000 (3,900,000) $ 420,000 Loss on discontinued operations Net income Check my wa On December 31. 2018, the end of the fiscal The business segment qualifies $8.4 million. The income from operations of the segment during 2018 was $5.4 million. Pretax income from continuing operations for the year totaled $13.4 million. The income tax rate is 40%. year, Revolutionary Industries completed the sale of its robotics business for $11.8 million. as a component of the entity according to GAAP. The book value of the assets of the segment was Prepare the lower portion of the 2018 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars.) REVOLUTIONARY INDUSTRIES Partial Income Statement For the Year Ended December 31, 2018 Income from continuing operations before income taxes Income tax expense $13,400,000 5,360,000 $ 8,040,000 Income from continuing operations Discontinued sou Loss from operations of discetinued component 34,000 (1,360) 32,640 Income tax expense ncome from discontinued operations ir Net income Problem 4-9 Statement of cash flows [LO4-8] The Diversified Portfolio Corporation provides investment advice to customers. A condensed income statement for the year ended December 31,2018, appears below Service revenue Operating expenses Income before income taxes Income tax expense Net income $1,160,000 830,000 330,000 99,000 $ 231,000 The following balance sheet information also is available: Cash Accounts receivable Accounts payable (operating expenses) Income taxes payable 12/31/18 12/31/17 425,000 83,000 146,000113,000 96,00073,000 23,00041,000 In addition, the following transactions took place during the year: 1. Common stock was issued for $126,000 in cash. 2. Long-term investments were sold for $63,000 in cash. The original cost of the investments also was $63,000. 3. $93,000 in cash dividends was paid to shareholders 4. The company has no outstanding debt, other than those payables listed above. 5. Operating expenses include $43,000 in depreciation expense. Required: 1. Prepare a statement of cash flows for 2018 for the Diversified Portfolio Corporation. Use the direct method for reporting oper activities. 2. Prepare the cash flows from operating activities section of Diversified's 2018 statement of cash flows using the indirect meth Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the cash flows from operating activities section of Diversified's 2018 statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) DIVERSIFIED PORTFOLIO CORPORATION Statement of Cash Flows (Partial)