Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year end December 31, 2013, 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 |
|
|
|
|
|
|
What is the amount of income from continuing operations before income taxes?
|
|
|
|