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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 11PB: On May 1, 2015, Zoe Inc. purchased Branta Corp. for $15,000,000 in cash. They only received...

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