Pretax income from continuing operations

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On December 31, 2016, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $18 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $17 million. The loss from operations of the segment during 2016 was $3.2 million. Pretax income from continuing operations for the year totaled $6.0 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: EM13864996

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