Chance Company had two operating divisions, one manufacturing farm equipment and the other office plies. Both divisions are considered separate components as defined by generally accepted accounting pri ples. The farm equipment component had been unprofitable, and on September 1, 2018, the company adop a plan to sell the assets of the division. The actual sale was completed on December 15, 2018, at a price $600,000. The book value of the division's assets was $1,000,000, resulting in a before-tax loss of $400,0 on the sale. The division incurred a before-tax operating loss from operations of $130,000 from the beginning of the yea through December 15. The income tax rate is 40%. Chance's after-tax income from its continuing operations i $350,000 Required: Prepare an income statement for 2018 beginning with income from continuing operations. Include appropriate EPS disclosures assuming that 100,000 shares of common stock were outstanding throughout the year. Chance Company had two operating divisions, one manufacturing farm equipment and the other office plies. Both divisions are considered separate components as defined by generally accepted accounting pri ples. The farm equipment component had been unprofitable, and on September 1, 2018, the company adop a plan to sell the assets of the division. The actual sale was completed on December 15, 2018, at a price $600,000. The book value of the division's assets was $1,000,000, resulting in a before tax loss of $400,0 on the sale. The division incurred a before-tax operating loss from operations of $130,000 from the beginning of the yea through December 15. The income tax rate is 40%. Chance's after-tax income from its continuing operations i. $350,000. Required: Prepare an income statement for 2018 beginning with income from continuing operations. Include appropriate EPS disclosures assuming that 100,000 shares of common stock were outstanding throughout the year. Chance Company had two operating divisions, one manufacturing farm equipment and the other office plies. Both divisions are considered separate components as defined by generally accepted accounting pri ples. The farm equipment component had been unprofitable, and on September 1, 2018, the company adop a plan to sell the assets of the division. The actual sale was completed on December 15, 2018, at a price $600,000. The book value of the division's assets was $1,000,000, resulting in a before-tax loss of $400,0 on the sale. The division incurred a before-tax operating loss from operations of $130,000 from the beginning of the yea through December 15. The income tax rate is 40%. Chance's after-tax income from its continuing operations i $350,000 Required: Prepare an income statement for 2018 beginning with income from continuing operations. Include appropriate EPS disclosures assuming that 100,000 shares of common stock were outstanding throughout the year. Chance Company had two operating divisions, one manufacturing farm equipment and the other office plies. Both divisions are considered separate components as defined by generally accepted accounting pri ples. The farm equipment component had been unprofitable, and on September 1, 2018, the company adop a plan to sell the assets of the division. The actual sale was completed on December 15, 2018, at a price $600,000. The book value of the division's assets was $1,000,000, resulting in a before tax loss of $400,0 on the sale. The division incurred a before-tax operating loss from operations of $130,000 from the beginning of the yea through December 15. The income tax rate is 40%. Chance's after-tax income from its continuing operations i. $350,000. Required: Prepare an income statement for 2018 beginning with income from continuing operations. Include appropriate EPS disclosures assuming that 100,000 shares of common stock were outstanding throughout the year
