Discontinued operations. Selected financial information for Orascom Telecom Holding S.A.E. (Orascom), an Egyptian telecommunications firm, is shown in the following display for the years ended December 31, 2007 and 2006, based on Orascom’s financial reports for fiscal 2007. Orascom applies Egyptian accounting standards and reports its results in thousands of Egyptian pounds (£). In answering this question, assume that Orascom uses either U.S. GAAP or IFRS; for the purposes of this problem, this choice will not matter.
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Orascom Telecom Holding S.A.E. Balance Sheet and Income Statement Data December 31, 2006 and 2007 |
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December 31 |
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2007 |
2006 |
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Income from Continuing Operations |
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(before taxes) |
£ 9,293,448 |
£ 4,456,900 |
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Assets Held for Discontinued Operations |
? |
7,327,709 |
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Taxes on Income from Continuing Operations |
2,571,426 |
? |
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Income from Discontinued Operations (net of tax) |
? |
1,020,213 |
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Income from Continuing Operations (after tax) |
? |
3,595,713 |
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Net Income |
11,935,088 |
? |
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Assets Used in Continuing Operations |
34,348,838 |
? |
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Total Assets |
39,492,853 |
34,209,746 |
Compute the missing amounts for each of the two years.