During January 2015, Doe Corp. agreed to sell the assets and product line of its Hart division.

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During January 2015, Doe Corp. agreed to sell the assets and product line of its Hart division. The sale was completed on January 15, 2016; on that date, Doe recognized a gain on disposal of $900,000. Hart's operating losses were $600,000 for 2015 and $50,000 for the period January 1 through January 15, 2016. The income tax rate is 40%. What amount of net gain (loss) from discontinued operations should be reported in Doe's comparative 2016 and 2015 income statements?
During January 2015, Doe Corp. agreed to sell the assets
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Intermediate Accounting

ISBN: 978-1133957911

19th edition

Authors: Earl K. Stice, James D. Stice

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