On November 15, 2012 Jones Co. sold a segment of its business for $2,700,000. The net book value of the segment at the time of its disposal was…

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On November 15, 2012 Jones Co. sold a segment of its business for $2,700,000. The net

book value of the segment at the time of its disposal was $2,900,000. Jones had pretax

operating income of $3,600,000 for 2012 which included $720,000 in losses from the

discontinued segment prior to its disposal. Assume Jones’ tax rate is 30%.

REQUIRED:

Prepare a partial income statement for Jones Co, beginning with income from continuing

operations before taxes.

Cash flow from salesBook valueProfit/LossTax gain 27000002900000-20000060000 Pretax operating incomeTaxIncome after taxCash flow from saleNet income 36000001080000252000027600005280000

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