Selected account balances from the adjusted trial balance for Olinda Corporation… 1 answer below »

  

Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year end December 31, 2015, follow. Debit Credit a. Interest revenue $ 14,000 b. Depreciation expense—Equipment. $ 34,000 c. Loss on sale of equipment 25,850 d. Accounts payable 44,000 e. Other operating expenses 106,400 f. Accumulated depreciation—Equipment 71,600 g. Gain from settlement of lawsuit 44,000 h. Accumulated depreciation—Buildings 174,500 i. Loss from operating a discontinued segment (pretax) 18,250 j. Gain on insurance recovery of tornado damage (pretax and extraordinary) 29,120 k. Net sales 998,500 l. Depreciation expense—Buildings 52,000 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 lawsuit 23,750 p. Income taxes expense           ? q. Cost of goods sold 482,500

3. What is the total amount of after-tax income (loss) associated with the discontinued segment?

 

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