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

Each of the following items was found on the financial statements for Hartsfield Company for the year ended December 31, 2011:
Net income from continuing operations ............. $ 136,500
Gain on the sale of a discontinued segment, net of taxes of $ 42,000 . 140,000
Loss from operation of discontinued segment, net of taxes of $ 24,000. (80,000)
Gain on sale of land.................... 65,000
Extraordinary loss, net of taxes of $ 6,000 .............. (20,000)

Requirements
1. For the items listed, indicate the financial statement and appropriate section, where 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.
3. Based on the data provided, what is Hartsfield Company’s tax rate?




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  • CreatedSeptember 01, 2014
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