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Discuss income from continuing operations

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Reference no: EM131761279

The following information was taken from the records of Monty Inc. for the year 2017: Income tax applicable to income from continuing operations $169,626; income tax applicable to loss on discontinued operations $26,418, and unrealized holding gain on available-for-sale securities (net of tax) $22,500.

Gain on sale of equipment
 $98,400 Cash dividends declared $140,400
Loss on discontinued operations 77,700 Retained earnings January 1, 2017 588,700
Administrative expenses 246,800 Cost of goods sold 889,600
Rent revenue 48,900 Selling expenses 315,100
Loss on write-down of inventory
 70,100 Sales Revenue

1,873,200

Shares outstanding during 2017 were 99,100.

Reference no: EM131761279

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