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Please be as detailed as possible in explaining each step. Camel Inc. has 100,000...

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Accounting

imagePlease be as detailed as possible in explaining each step.

Camel Inc. has 100,000 shares of common stock outstanding. In 2017, the company had pretax income from continuing operations of $1, 400,000. The following additional items are not included in this amount. In 2017, Camel sold equipment for $40,000. The machine had originally cost $80,000 and had accumulated depreciation of $36,000. The company often sells equipment that it has used in its operations. An earthquake rocked the plant in Kansas causing damage of $100,000. The company wrote down obsolete inventory and incurred a loss of $65,000. The company has two components, a yoga props division and household appliances division. These divisions have distinguishable operations. In 2017, Camel decided to sell its household appliances division. The division sold for $500,000 and the book value of its assets was $750,000. The 2017 income from operating the division was $120,000. The tax rate for 2017 is 40%. Prepare a good-format income statement by completing the following table (the highlighted cells need to be filled)

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