(solution) Please refer to the attachment to answer this question. This

(solution) Please refer to the attachment to answer this question. This

Please refer to the attachment to answer this question. This question was created from Homework 4.docx https://www.coursehero.com/file/14241108/Homework-4docx/?focusQaId=9806129 The following text was automatically generated from the attachment: 2. On December 31, 2016, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $20 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $19 million. The loss from operations of the segment during 2016 was $3.3 million. Pretax income from continuing operations for the year totaled $6.1 million. The income tax rate is 40%. Prepare the lower portion of the 2016 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars.) 3. The semiconductor business of the California Microtech Corporation quali?es as a component of the entity according to GAAP. The book value of the assets of the segment was $19 million. The loss from operations of the segment during 2016 was $3.2 million. Pretax income from continuing operations for the year totaled $6.9 million. The income tax rate is 40%. Assume that the semiconductor segment was not sold during 2016 but was held for sale at year-end. The estimated fair value of the segment?s assets, less costs to sell, on December 31 was $21 million. Prepare the lower portion of the 2016 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars.)