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can I get assistance on this please Problem 4-7 Ivanhoe Corp. has149,520shares of common stock outstanding. In 2017, the company reports income from continuing operations
can I get assistance on this please
Problem 4-7 Ivanhoe Corp. has149,520shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,222,900. Additional transactions not considered in the $1,222,900are as follows.1. | In 2017, Ivanhoe Corp. sold equipment for $37,600. The machine had originally cost $81,200 and had accumulated depreciation of $31,900. The gain or loss is considered non-recurring. |
2. | The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,600 before taxes. Assume that this transaction meets the criteria for discontinued operations. The loss from operations of the discontinued subsidiary was $90,500 before taxes; the loss from disposal of the subsidiary was $101,100 before taxes. |
3. | An internal audit discovered that amortization of intangible assets was understated by $38,000 (net of tax) in a prior period. The amount was charged against retained earnings. |
4. | The company had a non-recurring gain of $129,500 on the condemnation of some of its property (included in the $1,222,900). |
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