5. On December 31, 2024, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $15 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. Consider the following additional information. The book value of the assets of the segment at the time of the sale was $12 million. The loss from operations of the segment during 2024 was $4.5 million. Pretax income from other continuing operations for the year totaled $6.6 million. The income tax rate is 25%. Prepare the lower portion of the 2024 income statement beginning with income from continuing operations before income taxes. Note: Loss amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions. For example, $4,000,000 rather than $4.
5. On December 31, 2024, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $15 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. Consider the following additional information. The book value of the assets of the segment at the time of the sale was $12 million. The loss from operations of the segment during 2024 was $4.5 million. Pretax income from other continuing operations for the year totaled $6.6 million. The income tax rate is 25%. Prepare the lower portion of the 2024 income statement beginning with income from continuing operations before income taxes. Note: Loss amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions. For example, $4,000,000 rather than $4.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
5.
On December 31, 2024, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $15 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. Consider the following additional information.
- The book value of the assets of the segment at the time of the sale was $12 million.
- The loss from operations of the segment during 2024 was $4.5 million.
- Pretax income from other continuing operations for the year totaled $6.6 million.
- The income tax rate is 25%.
Prepare the lower portion of the 2024 income statement beginning with income from continuing operations before income taxes.
Note: Loss amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions. For example, $4,000,000 rather than $4.
![**California Microtech Corporation**
**Partial Income Statement**
**For the Year Ended December 31, 2024**
---
**Income from continuing operations before income taxes:**
- [Details and amounts for income categories under continuing operations will be filled here.]
---
**Income from continuing operations:**
- [Details and amounts for final income from continuing operations will be filled here.]
---
**Discontinued operations:**
- [Details and amounts for discontinued operations will be added here.]
---
This partial income statement provides a breakdown of income from ongoing business activities and discontinued operations for California Microtech Corporation for the year ending December 31, 2024. Specific values and additional details need to be filled in for comprehensive analysis.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F546860fe-98c5-4cbb-83c9-6bb3ac138cc4%2Fa2fa6b8b-a6c3-4b46-afeb-c6a96c946414%2Fc5nsxar_processed.png&w=3840&q=75)
Transcribed Image Text:**California Microtech Corporation**
**Partial Income Statement**
**For the Year Ended December 31, 2024**
---
**Income from continuing operations before income taxes:**
- [Details and amounts for income categories under continuing operations will be filled here.]
---
**Income from continuing operations:**
- [Details and amounts for final income from continuing operations will be filled here.]
---
**Discontinued operations:**
- [Details and amounts for discontinued operations will be added here.]
---
This partial income statement provides a breakdown of income from ongoing business activities and discontinued operations for California Microtech Corporation for the year ending December 31, 2024. Specific values and additional details need to be filled in for comprehensive analysis.
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