Question
P5-6 (similar to) Brass, Inc. committed to sell a division on March 22, 2018. It sold the division on June 14, 2020. Income from operating
P5-6 (similar to) Brass, Inc. committed to sell a division on March 22, 2018. It sold the division on June 14, 2020. Income from operating this division was $ 3,150,000, $ 1,057 ,000, and $ 383, 000 in 2018, 2019 and 2020, respectively. On December 31, 2018, the carrying value of the division was $ 8, 950, 000 and the fair value was $ 8 comma 750, 000. On December 31, 2019, the fair value of the division was $ 9 comma 450 comma 000 and the carrying value of the division was $ 8 comma 950, 000. The division was sold for $ 8, 800, 000 when the carrying value was $ 8 comma 950, 000. Prepare the discontinued operations section of the income statement for 2018 through 2020, assuming Brass' income tax rate is 40 %. (Use parentheses or a minus sign to enter any loss amount. If a box is not used in the table, leave the box empty; do not select a label or enter a zero.).
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