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 indiceted 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 Income tax expense income from continuing operations Discontinued operations Loss from operations of discontinued component Income tax beneft Lass on discontinued operations Not income 7,500,000 1875.000 $6600 000 (1.550.000) $4.950.000 5.625.000 $10.575.000
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. 2 points eBook Print References 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. Income tax expense Income from continuing operations Discontinued operations: Loss from operations of discontinued component Income tax benefit Loss on discontinued operations Net income 7,500,000 1,875,000 $ 6,600,000 (1,650,000) $ 4,950,000 5,625,000 $ 10,575,000 4
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