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Crane Corporation operates several stores in British Columbia (Vancouver, Victoria, Kamloops, Penticton, and Prince George). The restructuring of its organization on November 20, 2023, has
Crane Corporation operates several stores in British Columbia (Vancouver, Victoria, Kamloops, Penticton, and Prince George). The restructuring of its organization on November 20, 2023, has led t decision to sell its Prince George store. In preparing financial statements at December 31, 2023, the following information was made available: 1. The Prince George operation incurred a loss of $252,300 for the 2023 calendar year, including $200,250 for the period January 1 to November 20,2023 . 2. Estimated costs to sell are $260,000. 3. At December 31,2023 , the fair value of the Prince George assets is estimated at $7.060 million and the carrying amount is $7.320 million. 4. The combined provincial and federal income tax rate is 30%. 5. It is estimated that the operation will lose an additional $222,500 before it is sold. The Prince George operation qualifies for reporting as a discontinued operation. What amount should be reported in the discontinued operations section of Crane's 2023 income statement? (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Gain / (Loss) on discontinued operations $ (b) In early 2024, the Prince George operation is sold for $8.395 million, with actual costs to sell of $356,000. Additional disposal costs related to the sale are $445,000. The operation lost an additiona $133,500 before it was sold. What amount should be reported in the discontinued operations section of Crane's 2024 income statement? (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Gain / (Loss) on discontinued operations $
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