Income statement beginning with pretax income

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Reference no: EM131268015

On December 31, 2016, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $12 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $10 million. The loss from operations of the segment during 2016 was $3.7 million. Pretax income from continuing operations for the year totaled $5.9 million. The income tax rate is 35%

Prepare the lower portion of the 2016 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars.)

Reference no: EM131268015

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