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

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Accounting

Selected account balances from the adjusted trial balance forOlinda Corporation as of its calendar year-end December 31follow.

DebitCredit
a.Interest revenue$14,000
b.Depreciation expense—Equipment$34,000
c.Loss on sale of equipment25,850
d.Accounts payable44,000
e.Other operating expenses106,400
f.Accumulated depreciation—Equipment71,600
g.Gain from settlement of lawsuit44,000
h.Accumulated depreciation—Buildings174,500
i.Loss from operating a discontinued segment (pretax)18,250
j.Gain on insurance recovery of tornado damage20,000
k.Net sales998,000
l.Depreciation expense—Buildings52,000
m.Correction of overstatement of prior year’s sales (pretax)16,000
n.Gain on sale of discontinued segment’s assets (pretax)34,000
o.Loss from settlement of lawsuit23,250
p.Income tax expense?
q.Cost of goods sold482,500

2a. What is the amount of income fromcontinuing operations before income taxes?
2b. What is the amount of the income taxexpense?
2c. What is the amount of income from continuingoperations?

Assume that the company’s income tax rate is 30% for allitems.

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