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Category > Accounting Posted 02 Jun 2017 My Price 6.00

Discontinued operations

Discontinued operations

Refer to the situation described in BE 4–6. Assume that the semiconductor segment was not sold during 2016 but was held for sale at year-end. The estimated fair value of the segment’s assets, less costs to sell, on December 31 was $10 million. Prepare the lower portion of the 2016 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures.

BE 4–6.

Discontinued operations

On December 31, 2016, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $10 million. The business segment 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 2016 was $3.6 million. Pretax income from continuing operations for the year totaled $5.8 million. The income tax rate is 30%. Prepare the lower portion of the 2016 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures.

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Alpha Geek
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Status NEW Posted 02 Jun 2017 07:06 AM My Price 6.00

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file 1496390090-Answer.docx preview (222 words )
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