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Business
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On December 31, 2023,

On December 31, 2023,

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A B C On December 31, 2023, the end of the fiscal year, Standard Microchip Corporation held its semiconductor business for sale at year-end. The semiconductor business segment qualifies as a component of the entity according to GAAP. Consider the following additional information: Estimated fair value of the segment's assets, less costs to sell, on December 31 Book value of the assets of the segment at the time of the sale Loss from operations of the segment during 2023 Pretax income from other continuing operations for the year Income tax rate STANDARD MICROCHIP CORPORATION Partial Income Statement For the Year Ended December 31, 2023 Prepare the lower portion of the 2023 income statement beginning with income from continuing operations before income taxes. Formulas for expenses and losses must return a negative value. Income from continuing operations before income taxes Income tax expense Income from continuing operations Discontinued operations: Income from operation of discontinued component Loss from operation of discontinued component Income (loss) on discontinued operations Net income (loss) 4 ($2,925,000) (900,000) $6,000,000 4,800,000 3,900,000 6,840,000 25% $6,840,000 (1,710,000) 5,130,000 (3,825,000) $1,305,000
Transcribed Image Text:A B C On December 31, 2023, the end of the fiscal year, Standard Microchip Corporation held its semiconductor business for sale at year-end. The semiconductor business segment qualifies as a component of the entity according to GAAP. Consider the following additional information: Estimated fair value of the segment's assets, less costs to sell, on December 31 Book value of the assets of the segment at the time of the sale Loss from operations of the segment during 2023 Pretax income from other continuing operations for the year Income tax rate STANDARD MICROCHIP CORPORATION Partial Income Statement For the Year Ended December 31, 2023 Prepare the lower portion of the 2023 income statement beginning with income from continuing operations before income taxes. Formulas for expenses and losses must return a negative value. Income from continuing operations before income taxes Income tax expense Income from continuing operations Discontinued operations: Income from operation of discontinued component Loss from operation of discontinued component Income (loss) on discontinued operations Net income (loss) 4 ($2,925,000) (900,000) $6,000,000 4,800,000 3,900,000 6,840,000 25% $6,840,000 (1,710,000) 5,130,000 (3,825,000) $1,305,000
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