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Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar...

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Accounting

Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the companys income tax rate is 30% for all items.

Debit Credit
a. Interest revenue $ 15,200
b. Depreciation expenseEquipment $ 35,200
c. Loss on sale of equipment 27,050
d. Accounts payable 45,200
e. Other operating expenses 107,600
f. Accumulated depreciationEquipment 72,800
g. Gain from settlement of lawsuit 45,200
h. Accumulated depreciationBuildings 176,900
i. Loss from operating a discontinued segment (pretax) 19,450
j. Gain on insurance recovery of tornado damage 30,320
k. Net sales 1,010,500
l. Depreciation expenseBuildings 53,200
m. Correction of overstatement of prior years sales (pretax) 17,200
n. Gain on sale of discontinued segments assets (pretax) 40,000
o. Loss from settlement of lawsuit 24,950
p. Income tax expense ?
q. Cost of goods sold 494,500

2a. What is the amount of income from continuing operations before income taxes?

2b. What is the amount of the income tax expense?

2c. What is the amount of income from continuing operations?

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