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PLEASE help find net income for the year. I have been trying to work this out for days. Tax rate is 40%.

After-tax income from discontinued segment = $10,650

Income from continuing operations after taxes = $216,072

Income tax expense = $144,048

Income from continuing operations before taxes = $360,120

NOTE: THE ANSWER IS NOT $216,822 or $230,622!

! Required information [The following information applies to the questions displayed below.) Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year- end December 31 follow. Debit Credit 14,500 $ $ 34,500 26,350 44,500 106,900 72,100 44,500 175,500 a. Interest revenue b. Depreciation expense-Equipment c. Loss on sale of equipment d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings i. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales 1. Depreciation expense-Buildings m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) o. Loss from settlement of lawsuit p. Income tax expense q. Cost of goods sold 18,750 29,620 1,003,500 52,500 16,500 36,500 24,250 ? 487,500 4. What is the amount of net income for the year? X Answer is complete but not entirely correct. Net income $ 245,094 X

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