In 2021, Demeter, Inc.'s board voted to dispose of their shipping business. The shipping segment qualified as a separate division and was sold in 2022. From the time the board made the decision until the time of the sale, the division lost $15,224,000 before taxes ($8,229,000 in 2021 and $6,995,000 in 2022). The loss on selling the division was $2,304,000, also before taxes. 

Assuming Demeter, Inc.'s tax rate is 21%, what will the company report as a loss on discontinued operations on its 2022 income statement?

Answer rating: 100% (QA)

To calculate the loss on discontinued operations on Demeter Incs 2022 income statement we need to co... View the full answer