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What is the income from continuing operations

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Question - ABC Inc. has approved a formal plan to sell its food division. A detailed plan has been approved by the board of directors and a buyer was confirmed. The division only has one asset on the books at $11 million (estimated selling price is $9.5 million). During the year, the division incurred a loss from operation of $2.2 million (net of tax of $0.55 million). The company has reported Net Income of $6.1 million. What is the income from continuing operations to be reported on the income statement for the year? Tax rate is 20%.

a. $2.7 million

b. $10.05 million

c. $8.3 million

d. $9.8 million

e. $9.5 million

Reference no: EM133127760

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