During 2008, Gomez Corporation disposed of Pine Division, a major component of its business. Gomez realized a gain of $1,200,000, net of taxes, on the sale of Pine's assets. Pine's operating losses, net of taxes, were $1,400,000 in 2008. How should these facts be reported in Gomez's income statement for 2008?
Total Amount to be Included in Income from Results of Continuing Operations AND Discontinued Operations
a. $1,400,000 loss AND $1,200,000 gain
b. 200,000 loss AND 0
c. 0 AND 200,000 loss
d. 1,200,000 gain AND 1,400,000 loss

Answer rating: 100% (QA)

Income from Continuing Operation There is no in... View the full answer