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On December 31, 2018, the end of the fiscal year, California Microtech Corporation completed the...

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Accounting

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On December 31, 2018, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $10 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $12 million. The loss from operations of the segment during 2018 was $3.90 million. Pretax income from continuing operations for the year totaled $6.50 million. The income tax rate is 35%. Prepare the lower portion of the 2018 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.) CALIFORNIA MICROTECH CORPORATION Partial Income Statement For the Year Ended December 31, 2018 Income from continuing operations before income taxes Discontinued operations

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