Chapter 4 The Income Statement and Statement of Cash Flows11

Chapter 4 The Income Statement and Statement of Cash Flows11

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Brief Exercise 4-7 CALIFORNIA MICROTECH CORPORATION Partial Income Statement For the Year Ended December 31, 2011 Income from continuing operations before income taxes. .. $ 5,800,000 Income tax expense* . .......................................................... 1,740,000 Income from continuing operations . ................................... $ 4,060,000 Discontinued operations: Loss from operations of discontinued component (including gain on disposal of $2,000,000) ** . ......................... (1,600,000)
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Unformatted text preview: Income tax benefit . ........................................................... 480,000 Loss on discontinued operations . ..................................... (1,120,000 ) Net income . ......................................................................... $ 2,940,000 * $5,800,000 x 30% ** Loss from operations of discontinued component: Gain on sale of assets $ 2,000,000 ($10 million less $8 million) Operating loss (3,600,000 ) Total before-tax loss $(1,600,000)...
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