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I need help. On September 1, 2017, Revsine Co. approved a plan to dispose of a segment of its business. Revsine expected that the sale
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On September 1, 2017, Revsine Co. approved a plan to dispose of a segment of its business. Revsine expected that the sale would occur on March 31, 2018, at an estimated gain of $375,000. The segment had actual and estimated operating profits (losses) as follows: Realized loss from 1/1/17 to 8/31/17 Realized loss from 9/1/17 to 12/31/17 (300,000) (200, 000) 400,000 Expected profit from 1/1/18 to 3/30/18 The expected profit from 1/1/18 to 3/30/18 was based on Revsine's expectations as of 12/31/17. Assume the marginal tax rate is 30%. Required: In its 2017 income statement, what should Revsine report as profit or loss from discontinued operations (net of tax effects)? Answer is complete but not entirely correct. s 70,000 Q LossStep by Step Solution
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