Required information Problem 13-6AA Income statementcomputations and format LO A2 [The following information applies tothe questions displayed below.] Selected account balances from theadjusted trial balance for Olinda Corporation as of its calendaryear-end December 31, 2017, follow.
Debit Credit a. Interest revenue $ 15,000
b. Depreciation expense—Equipment. $ 35,000
c. Loss on sale of equipment 26,850
d. Accounts payable 45,000
e. Other operating expenses 107,400
f. Accumulated depreciation—Equipment 72,600
g. Gain from settlement of lawsuit 45,000
h. Accumulated depreciation—Buildings 176,500
i. Loss from operating a discontinued segment (pretax)19,250
j. Gain on insurance recovery of tornado damage 30,120
k. Net sales 1,008,500
l. Depreciation expense—Buildings 53,000
m. Correction of overstatement of prior year’s sales (pretax)17,000
n. Gain on sale of discontinued segment’s assets (pretax)39,000
o. Loss from settlement of lawsuit 24,750
p. Income taxes expense ?
q. Cost of goods sold 492,500
Problem 13-6 Part 2
2a. What is the amount of income from continuing operationsbefore income taxes?
2b. What is the amount of the income taxes expense?
2c. What is the amount of income from continuing operations?
