Question: Problem 17-6AA Income statement computations and format Can you please provide an explanation so i can see what i am doing wrong? Problem 17-6AA Income
Problem 17-6AA Income statement computations and format
Can you please provide an explanation so i can see what i am doing wrong?



![the questions displayed below.] Selected account balances from the adjusted trial balance](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2024/09/66f1ec5f05d63_71866f1ec5e91a3b.jpg)
Problem 17-6AA 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. Debit Credit 14,900 $ $ 34,900 26,750 44,900 107,300 72,500 44,900 176,300 a. Interest revenue b. Depreciation expense-Equipment c. Loss on sale of equipment d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings i. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales 1. Depreciation expense-Buildings m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) o. Loss from settlement of lawsuit p. Income tax expense q. Cost of goods sold 19, 150 30,020 1,007,500 52,900 16,900 38,500 24,650 ? 491,500 Problem 17-6AA Part 2 Assume that the company's income tax rate is 30% for all items. Compute the tax effects and after-tax amounts of the three items labeled pretax. 2a. 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? X Answer is not complete. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 2c What is the amount of income from continuing operations before income taxes? Income from continuing operations before taxes $ 329,300 X Answer is not complete. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 20 What is the amount of the income tax expense? Income tax expense $ (98,790) X X Answer is not complete. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 20 What is the amount of income from continuing operations? Income from continuing operations after taxes
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