On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $12.4 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 $8.7 million at the time of the sale. • The income from operations of the segment during 2024 was $5.7 million. • Pretax income from other continuing operations for the year totaled $13.7 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.
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- On May 1, 2015, Zoe Inc. purchased Branta Corp. for $15,000,000 in cash. They only received $12,000,000 in net assets. In 2016, the market value of the goodwill obtained from Branta Corp. was valued at $4,000,000, but in 2017 it dropped to $2,000,000. Prepare the journal entry for the creation of goodwill and the entry to record any impairments to it in subsequent years.5 On December 31, 2024, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $15 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. Consider the following additional information. 2 points eBook Print References The book value of the assets of the segment at the time of the sale was $12 million. The loss from operations of the segment during 2024 was $4.5 million. Pretax income from other continuing operations for the year totaled $6.6 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. CALIFORNIA MICROTECH CORPORATION Partial Income Statement For the Year Ended December 31, 2024 Income from continuing…S On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $10.8 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 $7.9 million at the time of the sale. • The income from operations of the segment during 2024 was $4.9 million. • Pretax income from other continuing operations for the year totaled $12.9 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 tax expense Income…
- On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $9.6 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 $7.3 million at the time of the sale. . The income from operations of the segment during 2024 was $4.3 million. • Pretax income from other continuing operations for the year totaled $12.3 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…5. On December 31, 2024, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $15 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 $12 million. The loss from operations of the segment during 2024 was $4.5 million. Pretax income from other continuing operations for the year totaled $6.6 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.On December 31, 2024, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $12 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 $10 million. • The loss from operations of the segment during 2024 was $3.7 million. • Pretax income from other continuing operations for the year totaled $5.9 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. Answer is complete but not entirely correct. CALIFORNIA MICROTECH CORPORATION Partial Income Statement For the Year Ended December 31, 2024 Income from…
- On December 31, 2024, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $15 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 $12 million. • The loss from operations of the segment during 2024 was $4.5 million. • Pretax income from other continuing operations for the year totaled $6.6 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. CALIFORNIA MICROTECH CORPORATION Partial Income Statement For the Year Ended December 31, 2024 Income from continuing operations before income taxes Income…m SY. 2021-2022 Problem 3 The following iInformation will be used in Question nos. 11-20 uncements Pag-ibig Corporation acquired 70% of outstanding stocks of Sagigilid Company on January 1, 2019, for P450,000 in cash. Sagigilid Company had a book value of P480,000 on that date. NCI and goodwill were to be measured using the partial goodwill approach. However, an equipment with a 5-year life was overvalued by P30,000 on Sagigilid Company's financial statements. Also, a building with a 15-year life and land were undervalued by P15,000 and P25,000 respectively. Subsequent to acquisition, Sagigilid Company reported the following: Jes slons eButton rences) Year CI Dividends Paid 2019 60,000 12,000 b OPAC 2020 80,000 30,000 2021 120,000 50,000 In accounting for investment, Pag-ibig Company uses the cost method. Selected accounts taken from the financial records of these two companies as of December 31, 2021, are as follows: Pag-ibig Corp. Sagigilid Co. Revenues-Operating 500,000 450,000…Accounting Answer asap Group Ccc-Three Ltd has identified its non-current assets consist of three classes: goodwill, land and plant. Details of items included in each class appear below. Goodwill Total goodwill is $580,000 and no impairments have previously been recorded. $300,000 of this total relates to the purchase of Company F on 1 February 2020. The estimated fair value of this goodwill at 30 June 2021 is $350,000. The remaining $280,000 of the total goodwill relates to the purchase of Company G on 1 January 2021. The estimated recoverable amount of this goodwill at 30 June 2021 is $250,000. Land The land was acquired on 1 June 2016 for $2,100,000. The estimated market value of the land at 30 June 2021 is $2,600,000. However, if the land was sold, disposal costs of $90,000 would be incurred. Plant The plant was originally acquired for $270,000 on 1 September 2017. When purchased, the plant was considered to have a nil residual value and a 10-year useful life for both accounting…
- es Exercise 4-8 (Algo) Discontinued operations; disposal in subsequent year [LO4-4] Kandon Enterprises, Incorporated, has two operating divisions; one manufactures machinery and the other breeds and sells horses. Both divisions are considered separate components as defined by generally accepted accounting principles. The horse division has been unprofitable, and, on November 15, 2024, Kandon adopted a formal plan to sell the division. The sale was completed on April 30, 2025. At December 31, 2024, the component was considered held for sale. Consider the following: • On December 31, 2024, the company's fiscal year-end, the book value of the assets of the horse division was $460,000. On that date, the fair value of the assets, less costs to sell, was $400,000. The before-tax loss from operations of the division for the year was $340,000. • The after-tax income from continuing operations for 2024 was $600,000. The company's effective tax rate is 25% . Required: 1. Prepare a partial income…3. On December 1, 2021, Violet Company committed to a plan to dispose of the assets of a business component. The disposal meets the requirements to be classified as discontinued operation. On that date, the entity estimated that the loss from the disposition of the assets would be P700,000 and the component’s operating income was P200,000. What amount of pretax loss should be reported for discontinued operation for 2021? A. 900,000 B. 700,000 C. 200,000 D. 500,000 E. None of them15 Clegane Company had the following acquisitions of intangible assets in 2022: Franchise On January 31, 2022, Clegane signed an agreement to operate as franchisee of Clear Copy Service, Inc. for an initial franchise of P780,000. Of this amount, P300,000 was paid when the agreement was signed and the balance was payable in four annual payments of P120,000 each, beginning January 31, 2023. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The implicit rate for loan of this type is 12%. The agreement also provides the 1.5% of the revenue from the franchise must be paid to the franchisor annually. Clegane’s revenue from the franchise in 2022 was P9,500,000. Clegane estimates the useful life of the franchise to be ten years. At the end of 2022, the franchise recoverable amount was P610,000. Trademark On March 1, 2022 Clegane purchased for P400,000 a trademark for a very successful soft drink it markets under the name…