Please do not give solution in image format ? And Fast Answering Please ? And Explain Proper Step by Step. a. Interest revenueb. Depreciation expense-Equipmentc. Loss on sale of equipmentd. Accounts payable.e. Other operating expensesf. Accumulated depreciation-Equipmentg. Gain from settlement of lawsuith. Accumulated depreciation-Buildingsi. Loss from operating a discontinued segment (pretax)j. Gain on insurance recovery of tornado damagek. Net sales.1. Depreciation expense-Buildingsm. Correction of overstatement of prior year's sales (pretax)n. Gain on sale of discontinued segment's assets (pretax)o. Loss from settlement of lawsuitp. Income tax expenseg. Cost of goods soldRequired:1. Compute the tax effects and after-tax amounts of the three items labeled pretax.Loss from operating a discontinued segmentCorrection of overstatement of prior year's salesGain on sale of discontinued segment's assetsPretax19,25017,00039,00040% Tax Effect7,7006,80015,600Debit$ 35,00026,850107,40019,25053,00017,00024,7502492,500After-Tax11,55010,20023,400Credit$ 15,00045,00072,60045,000176,50030,1201,008,50039,000Check my work 2a. What is the amount of income from continuing operations before income taxes?2b. What is the amount of the income tax expense?2c. What is the amount of income from continuing operations?Complete this question hy entering your neware in the baba...Show Transcribed Text3. What is the total amount of after-tax income (loss) associated with the discontinued segment?After-tax income from discontinued segmentShow Transcribed Text34. What is the amount of net income for the year?Net income

Net income is the amount which is calculated by deducting all expenses and losses from revenues and…

a. Interest revenue b. Depreciation expense-Equipment c. Loss on sale of equipment d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings 1. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales. 1. Depreciation expense-Buildings m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) o. Loss from settlement of lawsuit p. Income tax expense Debit $ 35,000 26,850 107,400 19,250 53,000 17,000 24,750 Credit $ 15,000 45,000 72,600 45,000 176,500 30,120 1,008,500 39,000 Check in

a. Interest revenue b. Depreciation expense-Equipment c. Loss on sale of equipment d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings 1. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales. 1. Depreciation expense-Buildings m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) o. Loss from settlement of lawsuit p. Income tax expense Debit $ 35,000 26,850 107,400 19,250 53,000 17,000 24,750 Credit $ 15,000 45,000 72,600 45,000 176,500 30,120 1,008,500 39,000 Check in

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter9: Adjusting Entries

Section: Chapter Questions

Problem 1M

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