Business, 25.02.2020 01:01, venuscagle

Dodd Corp. is preparing its December 31 financial statements and must determine the proper accounting treatment for the following situations: For the year ended December 31, Dodd has a loss carry forward of $180,000 available to offset future taxable income. However, there are no temporary differences. On December 30, Dodd received a $200,000 offer for its patent. Dodd's management is considering whether to sell the patent. The offer expires on February 28 of the next year. The patent has a carrying amount of $100,000 at December 31. Assume a current and future income tax rate of 21 percent. In its income statement, Dodd should recognize an increase in net income of:

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Dodd Corp. is preparing its December 31 financial statements and must determine the proper accountin...