Lupton Inc. disposes of an unprofitable segment of its business. The operation o

Question

Lupton Inc. disposes of an unprofitable segment of its business. The operation of the segment suffered a $160,000 loss in the year of disposal. The loss on disposal of the segment was $80,000. If the tax rate is 30%, and income before income taxes was S1,300,000, the income tax expense on the income before discontinued operations is $318,000. the income from continuing operations is $910,000. net income is $1,060,000. the losses from discontinued operations are reported net of income taxes at $240,000.

Explanation / Answer

2. the income from continuing operations is 910000

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