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14 5 points On September 1, 2021, Jacob Furniture Mart enters into a tentative agreement to sell the assets of its Office Furniture division. This
14 5 points On September 1, 2021, Jacob Furniture Mart enters into a tentative agreement to sell the assets of its Office Furniture division. This division qualifies as a component of the entity according to GAAP regarding discontinued operations. The division's contribution to Jacob's operating income for 2021 was a $2.90 million loss before income tax. Jacob has an average tax rate of 25% Assume that Jacob sold the division's assets on December 31, 2021, for $23.90 million. The book value of the division's assets was $18.91 million at that date. Required: What would Jacob report in its 2021 income statement regarding the Office Furniture division? (Enter your answer in millions rounded to 2 decimal places (.e., 5,500,000 should be entered as 5.50).) Income from discontinued operations million 01:57:48 eBook 15 5 points On September 1 2021, Jacob Furniture Mart enters into a tentative agreement to sell the assets of its Office Furniture division. This division qualifies as a component of the entily according to GAAP regarding discontinued operations. The division's contribution to Jacob's operating Income for 2021 was a $2.00 million loss before income tax Jacob has an average tax rate of 25% Assume that Jacob had not yet sold the division's assets by the end of 2021. Further assume that the fair value less cost to sell of the division's assets at December 31, 2021, was $23.00 million and was expected to remain the same when the assets are sold in 2022. The book value of the division's assets was $18.30 million at the end of 2021 Required: 1. What would Jacob report in its 2021 income statement regarding the Office Furniture division? (Enter your answer in 2. What would Jacob report in its 2021 balance sheet regarding the information provided for Office Furniture Division? 01:57:43 eBook milion Operating loss net of tax benefit from discontinued operations Property, plant, and equipment for office furniture division million
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