Please Solve In 15mins I will Thumbs-up The semiconductor tbusiness of the Cakfornta Microtech Corporation qualdies as a component of the enuty eccording to GAAP Thebook value of the assets of the segment was $12 milbon. The loss from operations of the segment dong 2021 wan 13.90 ovionPretax income from continung operations for the year totaled $6.50 mition. The income te rate s 25% Assume inatead that theestimated fair value of the segment's assets, less conts to sell, orn December 31 was $10 mlices rather than $12 ionPrepare the lower portion of the 2021 income statement beginning with income from continuing operatioen before wcoe tanesIgnore EPS disclosures (Amounts to be deducted and negative amounts should be indicased with a minus sign. Enter youranswers in whole dollars and not in millions.)VITHOLKIncome from continuing oporations before income taxesIncome from continuing operationsDiscontinued operations:

Introduction Income from continuing operations accounts for income from regular business activity,…

The semiconductor business of the Calfornia Microtech Corporation qualities as a component of the erty eccording to GAAP The book value of the assets of the segment was $12 milbon. The loss from operations of the segrent donng 202 was 3.00 oon Pretax income from continung operations for the year totaled $6.50 mon. The income tee rate s 25% Assume inatead that the estimated fair value of the segment's assets, less corts to sell, orn December 31 was $10 mlices ather than $12 mion Prepare the lower portion of the 2021 income statement beginning with income from corntinung operatioen before weoe tanes Ignore EPS disclosures (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions.) Income fron continuing operations before income taxes Income from continuing operations Discontinued operations:

The semiconductor business of the Calfornia Microtech Corporation qualities as a component of the erty eccording to GAAP The book value of the assets of the segment was $12 milbon. The loss from operations of the segrent donng 202 was 3.00 oon Pretax income from continung operations for the year totaled $6.50 mon. The income tee rate s 25% Assume inatead that the estimated fair value of the segment's assets, less corts to sell, orn December 31 was $10 mlices ather than $12 mion Prepare the lower portion of the 2021 income statement beginning with income from corntinung operatioen before weoe tanes Ignore EPS disclosures (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions.) Income fron continuing operations before income taxes Income from continuing operations Discontinued operations:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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4. The semiconductor business of the California Microtech Corporation qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $8 million. The loss from operations of the segment during 2021 was $3.30 million. Pretax income from continuing operations for the year totaled $7.00 million. The income tax rate is 25%. Assume instead that the estimated fair value of the segment’s assets, less costs to sell, on December 31 was $5 million rather than $8 million. Prepare the lower portion of the 2021 income statement beginning with income from continuing operations before income taxes. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions.)
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Sony Inc. is a lessor-manufacturer of expensive machinery. On January 1,2011, amachinery is leased to another entity with the following information:Annual rental payable at the end of each year P200,000Lease term 4 yearsUseful life of machinery 5 yearsCost of Machinery 300,000Estimated residual value 50,000Initial direct cost paid by lessor 20,000Incremental borrowing rate of lessee 14%Implicit interest rate of lessor known to lessee 12%Note: At the end of the lease term on December 31,2014, the machinery will revert to lessor.Problem 17. Except from the fact that the leased machinery will not revert to lesser because there is bargain purchase option of P50,000 at the end of lease term.Required: Based on the result of your audit, determine the following:____________1. Gross Lease Receivable____________2. Sales or Net Investment____________3. Unearned Interest____________4. Profit on saleDirect Finance Lease – Lessor (PAS 17 and PFRS
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5 On December 31, 2024, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $15 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. Consider the following additional information. 2 points eBook Print References The book value of the assets of the segment at the time of the sale was $12 million. The loss from operations of the segment during 2024 was $4.5 million. Pretax income from other continuing operations for the year totaled $6.6 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. CALIFORNIA MICROTECH CORPORATION Partial Income Statement For the Year Ended December 31, 2024 Income from continuing…
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