Problem 17-6AA (Algo) Income statement computations and format LO A2 [The following information applies to the questions displayed below! Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year end December 31 follow. Assume that the company's income tax rate is 30% for all items Debit Credit $ 14,300 $ 14,100 20.158 106,00 44,100 Interest revent Depreciation pense-wipent on sale of ement Accounts payable other operating expenses Alte depreciation quent bain from settlement of laut all he accumulated depreciation building Los from operating discontinuent (orta) 1. Gan Insurance Recovery of tornado de Net sales 1. Depreciation penseldi . Correction of oversatt of prayer's sales (pretax . Gal sale of discontinued to as (pet) 5. Los from settlement of it P. I to 1. Cost of goods sold 71,00 44,00 175.100 1 29.420 1,001, 53.100 10.10 15,500 24. 455.100 Problem 17.6AA (Algo) Part 1 Required: 1. Compute the tax effects and after tax amounts of the three items labeled pretax. 30% T Etter Tax Low from ting a discontingut Problem 17-6AA (Algo) Part 2 20. What is the amount of income from continuing operations before income taxes? 2b. What is the amount of the income tax expense? 2c. What is the amount of income from continuing operations? Complete this question by entering your answers in the tabs below. Req 2A Reg 2B Reg 20 What is the amount of income from continuing operations before income taxes? Income from continuing operations before taxes Req 28 > Problem 17-6AA (Algo) Part 3 3. What is the total amount of after-tax income (loss) associated with the discontinued segment? After-tax income from discontinued segment Problem 17-6AA (Algo) Part 4 4. What is the amount of net income for the year? Net income