Business, 07.04.2020 03:21 BeautyxQueen

The semiconductor business of the California Microtech Corporation qualifies as a component of the entity according to GAAP. The book value of the assets of the Segment was $15 million. The loss from operations of the segment during 2018 was $3.90 million. Pretax income from continuing operations for the year totaled $5.80 million. The income tax rate is 30%. Assume that the semiconductor segment was not sold during 2018 but was held for sale at year-end. The estimated fair value of the segment's assets, less costs to sell, on December 31 was $14 million.

Prepare the lower portion of the 2018 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures.

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