On December 31, 2024, the end of the fiscal year, California Microtech Corporation held its semiconductor business for sale at year-end. The estimated fair value of the segment’s assets, less costs to sell, on December 31 was $13 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 $16 million.The loss from operations of the segment during 2024 was $4.4 million.Pretax income from other continuing operations for the year totaled $7.6 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. **Financial Statement Overview - Educational Context**---**CALIFORNIA MICROTECH CORPORATION****Partial Income Statement****For the Year Ended December 31, 2024**---**Income from Continuing Operations before Income Taxes**- [No data provided]**Income from Continuing Operations**- [No data provided]**Discontinued Operations:**- [No data provided]---This partial income statement of California Microtech Corporation outlines the company's financial performance for the year 2024. The sections for income from continuing operations and discontinued operations are placeholders indicating where figures normally appear to give insights into the company's earnings and operational changes.This educational example demonstrates how companies can present financial information, using specific categories to communicate their financial health and guide users in financial decision-making.

Introduction:- Partial Income statement showing the Income from Continuing operations , loss from…

Answered: On December 31, 2024, the end of the…

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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On December 31, 2024, the end of the fiscal year, California Microtech Corporation held its semiconductor business for sale at year-end. The estimated fair value of the segment’s assets, less costs to sell, on December 31 was $13 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 $16 million.
The loss from operations of the segment during 2024 was $4.4 million.
Pretax income from other continuing operations for the year totaled $7.6 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.

**Financial Statement Overview - Educational Context**

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**CALIFORNIA MICROTECH CORPORATION**

**Partial Income Statement**

**For the Year Ended December 31, 2024**

---

**Income from Continuing Operations before Income Taxes**
- [No data provided]

**Income from Continuing Operations**
- [No data provided]

**Discontinued Operations:**
- [No data provided]

---

This partial income statement of California Microtech Corporation outlines the company's financial performance for the year 2024. The sections for income from continuing operations and discontinued operations are placeholders indicating where figures normally appear to give insights into the company's earnings and operational changes.

This educational example demonstrates how companies can present financial information, using specific categories to communicate their financial health and guide users in financial decision-making.

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