On December 31, 2019, Tooluth, Inc., completed the sale of

On December 31, 2019, Tooluth, Inc., completed the sale of one of its divisions for $5 million. The division qualifies as a separate component of an entity as defined by GAAP. The book value of the assets of the division was $3 million. The operating loss of the division during 2019 was $2.5 million. Pretax income from continuing operations for the year totaled $6 million. The income tax rate is 30%. Required: Prepare the lower portion of the 2019 income statement beginning with pretax income from continuing operations. Ignore EPS. D-2As of December 31, 2019, Tooluth, Inc., had one of its divisions held for sale. The division qualifies as a separate component of an entity as defined by GAAP. The estimated fair value of the division’s assets, less cost to sell on 12/31/19, was $5 million. The book value of the assets of the division was $3 million. The operating loss of the division during 2019 was $2.5 million. Pretax income from continuing operations for the year totaled $6 million. The income tax rate is 30%. Required: Prepare the lower portion of the 2019 income statement beginning with pretax income from continuing operations. Ignore EPS. D-3As of December 31, 2019, Tooluth, Inc., had one of its divisions held for sale. The division qualifies as a separate component of an entity as defined by GAAP. The estimated fair value of the division’s assets, less cost to sell on 12/31/19, was $2 million. The book value of the assets of the division was $3 million. The operating loss of the division during 2019 was $2.5 million. Pretax income from continuing operations for the year totaled $6 million. The income tax rate is 30%. Required: Prepare the lower portion of the 2019 income statement beginning with pretax income from continuing operations. Ignore EPS.

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