Southeast Airlines had pretax earnings of $80 million. Included in this amount is income from...
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Accounting
Southeast Airlines had pretax earnings of $80 million. Included in this amount is income from discontinued operations of $10 million. The companys tax rate is 25%. What is the amount of income tax expense that Southeast would report in its income statement for continuing operations? (Enter your answer in millions rounded to 2 decimal place (i.e., i.e., 5,500,000 should be entered as 5.50). Amount to be deducted should be indicated with a minus sign.)
Income from continuing operations before tax
$70.00selected answer correct
Income tax expense
20.00selected answer incorrect
Income from continuing operations
$90.00
Income from discontinued operations
2.50selected answer incorrect
Net income
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