Question $8$

Use the following adjusted trial balance dated $\frac{12}{31}\frac{?}{23}$ and related information to answer the questions that follow.

Not included in the above adjusted trial balance, the company decided to discontinue a division of its operations. The division was unsold as of $12/31/23$ and had the following information at that date.

The company has an effective tax rate of $20\%.$ Calculate the following: $1)$ Pretax income $2)$Tax expense as disclosed on income statement. $3)$ income from continuing operations. $4)$ net income $5)$ Retained earnings after closing entries are made. $6)$ Amount found in tax expense account.