Question

Each of the following items was found on the financial statements for Edge Company for the year ended December 31, 2011:

Income from continuing operations ............... $ 125,000
Gain on the sale of discontinued segment, net of taxes $ 9,000..... 50,000
Loss from operation of discontinued segment, net of taxes of $ 9,500. (34,500)
Gain on sale of equipment .................... 10,000
Extraordinary loss from earthquake, net of taxes $ 45,000 ....... (120,000)

Requirements
1. For each item listed, indicate the financial statement and appropriate section, if applicable, on which each would appear.
2. Provide a description of each item and give as many details of each item’s financial statement presentation as possible.



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  • CreatedSeptember 01, 2014
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