On April 1, 2020, Desert Company decided to dispose of their Scorpion Division. Desert sold Scorpion...
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On April 1, 2020, Desert Company decided to dispose of their Scorpion Division. Desert sold Scorpion Division to Cactus Corporation on November 30, 2020, for net gain on the sale of $173,189. From April 1st to November 30th, Scorpion Division generated a gain on operations of $130,387. The tax rate is 30%. Desert reported $847,925 in Income from Continuing Operations. What is the amount of Net Income Desert will report on its income statement? On April 1, 2020, Desert Company decided to dispose of their Scorpion Division. Desert sold Scorpion Division to Cactus Corporation on November 30, 2020, for net gain on the sale of $173,189. From April 1st to November 30th, Scorpion Division generated a gain on operations of $130,387. The tax rate is 30%. Desert reported $847,925 in Income from Continuing Operations. What is the amount of Net Income Desert will report on its income statement?
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Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
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