Crizelle Corporation decides to sell its perfume division. The perfume division incurs roughly 60% of the total company's income; however, there is now a formal plan in motion and it meets the criteria of discontinued operations.

Net Income for the corporation amounted to P67 Million and the after tax loss from operation of the perfume division was P13.2 Million. The assets of the perfume division is to be sold for P7.5 Million, their carrying value is P30 Million and the estimate fair value of the assets is P13 Million. The tax rate is 15%.

Required:

Prepare the partial Profit and Loss starting from Income from continued operations before tax.

Answer rating: 100% (QA)

Income from continued operations before tax Net Income Loss from discontinued operations 67000000 13200000 53800000 The partial Profit and Loss statem... View the full answer