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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Rahul
![Brief Exercise 4-6 (Algo) Discontinued operations [LO4-4]
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.
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:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8b479194-152d-4b22-9d3c-2badde1b334b%2Fc3016f76-216b-4a98-a86c-0990708de606%2F6yp5ah_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Brief Exercise 4-6 (Algo) Discontinued operations [LO4-4]
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.
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:
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