Required information 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, 2017, follow Debit Credit $15,500 a. Interest revenue b. Depreciation expense-Equipment. c. Loss on sale of equipment d. Accounts payable e. Other operating expense:s 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 taxes expense q. Cost of goods sold $35,500 27,350 45,500 107,900 73,100 45,500 177,500 19,750 30,620 1,013,500 53,500 17,500 25,250 497,500 41,500 Problem 17-6 Part 1 Required: 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 2a. What is the amount of income from continuing operations before income taxes? 2b. What is the amount of the income taxes expense? 2c. What is the amount of income from continuing operations? 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 2a. What is the amount of income from continuing operations before income taxes? 2b. What is the amount of the income taxes expense? 2c. What is the amount of income from continuing operations? Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 2C What is the amount of the income taxes expense? Income taxes expense 2a. What is the amount of income from continuing operations before income taxes? 2b. What is the amount of the income taxes expense? 2c. What is the amount of income from continuing operations? 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? Income from continuing operations after taxes 3. What is the total amount of after-tax income (loss) associated with the discontinued segment? After-tax income from discontinued segment 4. What is the amount of net income for the year? Net income