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 $10 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 $8 million. . The loss from operations of the segment during 2024 was $3.6 million. • Pretax income from other continuing operations for the year totaled $5.8 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 from continuing operations Discontinued operations:
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 $10 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 $8 million. . The loss from operations of the segment during 2024 was $3.6 million. • Pretax income from other continuing operations for the year totaled $5.8 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 from continuing operations Discontinued operations:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 $10 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 $8 million.
• The loss from operations of the segment during 2024 was $3.6 million.
• Pretax income from other continuing operations for the year totaled $5.8 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 from continuing operations
Discontinued operations
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