On September 1, 2014, Revsine Co. approved a plan to dispose of a segment of its business.
Question:
Realized loss from 8/1/14 to 8/31/14 ...... $(300,000)
Realized loss from 9/1/14 to 12/31/14 ...... (200,000)
Expected profit from 1/1/15 to 3/30/15 .... 400,000
Assume that the marginal tax rate is 30%.
Required:
In its 2014 income statement, what should Revsine report as profit or loss from discontinued operations (net of tax effects)?
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Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
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