Question: Each of the following items was found on the financial

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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