Business, 20.12.2019 23:31, ngmasuku3115

On may 1, year 1, carty corp. properly classified as held for sale an asset group that qualified as a component of the entity. furthermore, the transaction met the criteria for reporting the results of operations of the component in discontinued operations. the component’s operating loss was $100,000 for the period from may 1, year 1, to the september 1, year 1, disposal date, without regard to a $480,000 loss on disposal and a $300,000 writedown to fair value minus cost to sell of the assets to be sold. a $120,000 operating loss was incurred from january 1, year 1, through april 30, year 1.
before income taxes, what amount should be reported in carty’s income statement for the year ended december 31, year 1, as the loss from discontinued operations?

a. $700,000
b. $520,000
c. $1,000,000
d. $880,000

Answers: 3

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On may 1, year 1, carty corp. properly classified as held for sale an asset group that qualified as...