On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $12.0 million. The robotics 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 was $8.5 million at the time of the sale. . The income from operations of the segment during 2024 was $5.5 million. • Pretax income from other continuing operations for the year totaled $13.5 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. REVOLUTIONARY INDUSTRIES Partial Income Statement For the Year Ended December 31, 2024 Income from continuing operations before income taxes Income from continuing operations Discontinued operations: 0
On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $12.0 million. The robotics 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 was $8.5 million at the time of the sale. . The income from operations of the segment during 2024 was $5.5 million. • Pretax income from other continuing operations for the year totaled $13.5 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. REVOLUTIONARY INDUSTRIES Partial Income Statement For the Year Ended December 31, 2024 Income from continuing operations before income taxes Income from continuing operations Discontinued operations: 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business
for $12.0 million. The robotics 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 was $8.5 million at the time of the sale.
The income from operations of the segment during 2024 was $5.5 million.
.
Pretax income from other continuing operations for the year totaled $13.5 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.
REVOLUTIONARY INDUSTRIES
Partial Income Statement
For the Year Ended December 31, 2024
Income from continuing operations before
income taxes
Income from continuing operations
Discontinued operations:
HARGAIN
0
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