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 $7 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.
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 $7 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.
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 $7 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff54002f3-a6ac-4359-8c66-58264ca1743c%2Ffe25ddac-9afd-4560-80f6-3cca038f493b%2F77edqa5_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 $7 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:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff54002f3-a6ac-4359-8c66-58264ca1743c%2Ffe25ddac-9afd-4560-80f6-3cca038f493b%2F2fk35jol_processed.jpeg&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
Income from continuing operations
Discontinued operations:
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