Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Assume that Ayayai Inc. decided to sell DemandTV Ltd., a subsidiary, on September 30, 2020. There is a formal plan to dispose of the business
Assume that Ayayai Inc. decided to sell DemandTV Ltd., a subsidiary, on September 30, 2020. There is a formal plan to dispose of the business component, and the sale qualifies for discontinued operations treatment. Pertinent data on the operations of the TV subsidiary are as follows: loss from operations from beginning of year to September 30,$1.5 million (net of tax of $700,000 ); loss from operations from September 30 to end of 2020,$500,000 (net of tax of $250,000 ); estimated loss on sale of net assets to December 31,2020 (net of tax of $50,000 ), $100,000. The year end is December 31 . Ayayai prepares financial statements in accordance with IFRS. What is the net income/loss from discontinued operations reported in 2020 ? (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45).) for the year ended 2020. (Enter negative amounts using either Assume that Ayayai Inc. decided to sell DemandTV Ltd., a subsidiary, on September 30,2020 . There is a formal plan to dispose of the business component, and the sale qualifies for discontinued operations treatment. Pertinent data on the operations of the TV subsidiary are as follows: loss from operations from beginning of year to September 30,$1.5 million (net of tax of $700,000 ); loss from operations from September 30 to end of 2020,$500,000 (net of tax of $250,000 ); estimated loss on sale of net assets to December 31,2020 (net of tax of $50,000 ), $100,000. The year end is December 31 . Ayayai prepares financial statements in accordance with IFRS. What is the net income/loss from discontinued operations reported in 2020? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Prepare the discontinued operations section of the income statement for the year ended 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parenthesese.g. (45).)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started