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Prepare the lower portion of the income statement

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Question - On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $20 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $18 million. The loss from operations of the segment during 2021 was $4.5 million. Pretax income from continuing operations for the year totaled $7.2 million. The income tax rate is 25%. Prepare the lower portion of the 2021 income statement beginning with income from continuing operations before income taxes. Ignore EPS disclosures.

Reference no: EM133150383

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