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can someone answer this asap? Daniel Inc, Board of Directors has decided to eliminate the company's Scandinavian Divison. At the end of the year, the
can someone answer this asap?
Daniel Inc, Board of Directors has decided to eliminate the company's Scandinavian Divison. At the end of the year, the following is known Sales Revenue (including $10,000 for $125,000 component) Cost of Goods Sold (including $7,000 for $65,000 component) Operating Expenses (including $4,000 for $20,000 component) At the time, 10/1 of this year, the BOD voted to discontinue the component, the net assets of Daniel Inc. were $120,000. Expected sales price was $110,000 and expected selling costs were $5,000. On 11/1 this year, the component was actually sold for $115,000 (atter selling costs). The company's Tax rate is 20% on its 1. What amount should ABC report as Income from Continuing Operations Income Statement (ending the current year)? (1 point) 2. What amount should ABC report as Discontinued Operations on its Income Statement (ending the current year)? Show each part of the computation separately in the answer below without the tax Impact. Operating Impairment Step by Step Solution
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