On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $11.2 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 $8.1 million at the time of the sale. The income from operations of the segment during 2024 was $5.1 million. Pretax income from other continuing operations for the year totaled $13.1 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 $11.2 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 $8.1 million at the time of the sale. The income from operations of the segment during 2024 was $5.1 million. Pretax income from other continuing operations for the year totaled $13.1 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.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 8P
Related questions
Question
![On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for
$11.2 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 $8.1 million at the time of the sale. The
income from operations of the segment during 2024 was $5.1 million. Pretax income from other continuing operations
for the year totaled $13.1 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7555c8ca-e1c8-46d3-9cfa-b65de30dc7b6%2Ffb8192f9-3969-4a01-bb23-0c4b27024f21%2Feqkbqfb_processed.png&w=3840&q=75)
Transcribed Image Text:On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for
$11.2 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 $8.1 million at the time of the sale. The
income from operations of the segment during 2024 was $5.1 million. Pretax income from other continuing operations
for the year totaled $13.1 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.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Step 1: Income statement meaning
VIEWStep 2: income tax expense calculation
VIEWStep 3: Calculation of from ongoing operations
VIEWStep 4: gain (loss) on the disposal of the portion
VIEWStep 5: Benefit (loss) on segment disposal
VIEWStep 6: Gain (loss) on income tax
VIEWStep 7: Second section of our income statement
VIEWStep 8: Complete income statement
VIEWSolution
VIEWTrending now
This is a popular solution!
Step by step
Solved in 9 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College