On December 31, 2024, the end of the fiscal year, California Microtech Corporation held its...
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Accounting
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 segments assets, less costs to sell, on December 31 was $13 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 $15 million.
The loss from operations of the segment during 2024 was $4.1 million.
Pretax income from other continuing operations for the year totaled $7.3 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.
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