Chapter 4 The Income Statement and Statement of Cash Flows13

Chapter 4 The Income Statement and Statement of Cash Flows13

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Brief Exercise 4-9 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 impairment loss of $1,000,000) ** . .......................... (4,600,000) Income tax benefit .
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Unformatted text preview: ........................................................... 1,380,000 Loss on discontinued operations . ..................................... (3,220,000 ) Net income . ......................................................................... $ 840,000 * $5,800,000 x 30% ** Loss from operations of discontinued component: Impairment loss ($8 million book value less $7 million net fair value) $(1,000,000) Operating loss (3,600,000 ) Total before-tax loss $(4,600,000)...
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