Selected account balances from the adjusted trial balance for Harbor Corp. as of its calendar year end December 31, 2013, follow.
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Required:
Answer each of the following questions by providing supporting computations.
1. Assume that the company's income tax rate is 25% for all items. Identify the tax effects and after tax amounts of the four items labeled pretax.
2. What is the amount of income from continuing operations before income taxes? What is the amount of income taxes expense? What is the amount of income from continuing operations?
3. What is the total amount of after tax income (loss) associated with the discontinued segment? 4. What is the amount of income (loss) before the extraordinary items? 5. What is the amount of net income for theyear?