Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end...

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Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Debit Credit a. Interest revenue b. Depreciation expense-Equipment $ 15,200 $ 35,200 c. Loss on sale of equipment 27,050 d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings 45,200 107,600 72,800 45,200 176,900 i. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales 19,450 30,320 1,010,500 1. Depreciation expense-Buildings m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) 53,200 17,200 40,000 o. Loss from settlement of lawsuit 24,950 p. Income tax expense ? q. Cost of goods sold 494,500 4. What is the amount of net income for the year? Net income 3. What is the total amount of after-tax income (loss) associated with the discontinued segment? After-tax income from discontinued segment Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Debit Credit a. Interest revenue b. Depreciation expense-Equipment $ 15,200 $ 35,200 c. Loss on sale of equipment 27,050 d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings 45,200 107,600 72,800 45,200 176,900 i. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales 19,450 30,320 1,010,500 1. Depreciation expense-Buildings m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) 53,200 17,200 40,000 o. Loss from settlement of lawsuit 24,950 p. Income tax expense ? q. Cost of goods sold 494,500 4. What is the amount of net income for the year? Net income 3. What is the total amount of after-tax income (loss) associated with the discontinued segment? After-tax income from discontinued segment

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Answer To calculate the net income for the year we need to consider all the revenues and expenses fr... View the full answer