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Finley Corporation had income from continuing operations of $1,000,000 in 2020. During 2020, they disposed of its car parts division at a pre-tax loss of
Finley Corporation had income from continuing operations of $1,000,000 in 2020. During 2020, they disposed of its car parts division at a pre-tax loss of $100,000. Prior to disposal, the car parts division operated at a loss of $300,000 before taxes. The disposal of the car parts division meets the criteria for recognition as a discontinued operation. Filey has a 30% tax rate. Fill in the blanks below to show how these amounts would be shown on the income statement: Income from continuing operations Discontinued operations: Loss from operation of discontinued car parts division Loss from disposal of car parts division Net Income Enter your answers without dollar signs or commas. You do not need to put a negative sign in front of the loss amounts
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