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 44,900 126,300 8. Interest revenue b. Depreciation expense-Equipment c. Loss on sale of equipment d. Recounts payable e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings 1. Los from operating di continued segment (pretaxi 1. 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 asets (pretax) O. Los from settlement of lawsuit p. Income tax expense 9. Cost of goods sold 19,150 30,020 007500 52900 16,900 38,500 24550 491,500 1. 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 Pretax 30% Tax Effect After-Tax Loss from operating a discontinued segment Correction of overstatement of prior year's sales Gain on sale of discontinued segment's assets 4. What is the amount of net income for the year? Net income