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Cool Cruise Lines, Inc., reported the following income statement for the year ended December 31, 2014: Millions Operating revenues ……………………………………………………… $ 95,500 Operating expenses ……………………………………………………… 84,100 Operating income………………………………………………………… 11,400 Other revenue (expense), net …………………………………………. 1,000 Income from continuing operations………………………………… 12,400 Discontinued operations, net of tax………………………………… 1,100 Net income…………………………………………………………………. $ 13,500 Requirements 1. Were Cool Cruise Line’s discontinued operations more like an expense or revenue? How can you tell? 2. Should the discontinued operations of Cool Cruise Lines be included in or excluded from net income? State your reason. 3. Suppose you are working as a financial analyst and your job is to predict Cool Cruise Line’s net income for 2015 and beyond. Which item from the income statement will you use for your prediction? Identify its amount. Why will you use this item?
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