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F\&V co. is a clothing company that targets middle-age women. In addition to operating its Clothes business, for the last 5 years the company has run a Handbag division. The Handbag has not been as successful as management had hoped and the decision was made and announced on October 31 , Year 9 to get out of the Handbag business. At this date, the applicable tax rate is 308 . Assume the disposal occurs before year end: the Handbag division is sold on 11/30/Year9 before the fiscal year ends on Dec. 31, Year 9. The following worksheet shows F\&V co's operating results for Year 9 and Year 8, as information shown in requirement 6 . Note: 1) normally a company reports 3 years of results on its Income Statement (i.e., current year and prior-1 and 2 years). We're working with 2 years so you get the idea of how current year and prior-1 year reporting are like. Prior-2 year is just like prior 1 year. 2) You need to use information shown in requirement 6) to answer question 1)-5). Then complete requirement 6) and use it to fill out the income statement at 7). (1) quirements: 1) What is the Operating income (loss) (before taxes) for the division that has been sold? See the information in the worksheet in 6) below. Note that for year 9, the handbag division operating thene includes activities through 11/30 only. Year 9: year 8: 2) By which step in the Accounting cycle, revenues and expenses related to operations should all 2) By which step in the Accounting cycle, revenues and expenses related to operations should al recorded? Would we need to make a journal entry to record the Year 9 operating income (loss) results as shown in the table above? The step 8 - recording closing journal entries ? The step 5 - calculating unadjusted trial balance ? The step 3 - recording during-period journal entries ? The step 6 - recording and posting adjusting journal entries 3) Figure out the amount of the gain or loss on this disposal based on the information below. rne assets of the Handbag Division were originally purchased for $6,450,000, but have accumulated depreciation (thru the 10/31 announcement date) of $3,450,000. When the assets are classified as "held for sale," a journal entry is made to transfer the assets from an operating category (like "Plant, Property \& Equipment") to an investment (usually in Current Assets since the sale is expected within a year). Assets held for sale are NOT depreciated. For example: AssetsHeldForSaleAccumulatedDepreciation3,000,0003,450,000 Assets 6,450,000 note: Record classification of Handbag Division assets as "held for sale" The Handbag Division was sold for $3,075,000, but $270,000 was spent in legal and closing costs to complete the sale. What is the gain or loss on this disposal? Put a minus sign in front of the number if it is a loss. 6) Continue to Complete the "Gain/loss on sale of assets" and "Income before taxes" rows of the worksheet below. Note please enter "0" in the cell(s) if there is no gains nor loss on sale of assets. F\&V co. is a clothing company that targets middle-age women. In addition to operating its Clothes business, for the last 5 years the company has run a Handbag division. The Handbag has not been as successful as management had hoped and the decision was made and announced on October 31 , Year 9 to get out of the Handbag business. At this date, the applicable tax rate is 308 . Assume the disposal occurs before year end: the Handbag division is sold on 11/30/Year9 before the fiscal year ends on Dec. 31, Year 9. The following worksheet shows F\&V co's operating results for Year 9 and Year 8, as information shown in requirement 6 . Note: 1) normally a company reports 3 years of results on its Income Statement (i.e., current year and prior-1 and 2 years). We're working with 2 years so you get the idea of how current year and prior-1 year reporting are like. Prior-2 year is just like prior 1 year. 2) You need to use information shown in requirement 6) to answer question 1)-5). Then complete requirement 6) and use it to fill out the income statement at 7). (1) quirements: 1) What is the Operating income (loss) (before taxes) for the division that has been sold? See the information in the worksheet in 6) below. Note that for year 9, the handbag division operating thene includes activities through 11/30 only. Year 9: year 8: 2) By which step in the Accounting cycle, revenues and expenses related to operations should all 2) By which step in the Accounting cycle, revenues and expenses related to operations should al recorded? Would we need to make a journal entry to record the Year 9 operating income (loss) results as shown in the table above? The step 8 - recording closing journal entries ? The step 5 - calculating unadjusted trial balance ? The step 3 - recording during-period journal entries ? The step 6 - recording and posting adjusting journal entries 3) Figure out the amount of the gain or loss on this disposal based on the information below. rne assets of the Handbag Division were originally purchased for $6,450,000, but have accumulated depreciation (thru the 10/31 announcement date) of $3,450,000. When the assets are classified as "held for sale," a journal entry is made to transfer the assets from an operating category (like "Plant, Property \& Equipment") to an investment (usually in Current Assets since the sale is expected within a year). Assets held for sale are NOT depreciated. For example: AssetsHeldForSaleAccumulatedDepreciation3,000,0003,450,000 Assets 6,450,000 note: Record classification of Handbag Division assets as "held for sale" The Handbag Division was sold for $3,075,000, but $270,000 was spent in legal and closing costs to complete the sale. What is the gain or loss on this disposal? Put a minus sign in front of the number if it is a loss. 6) Continue to Complete the "Gain/loss on sale of assets" and "Income before taxes" rows of the worksheet below. Note please enter "0" in the cell(s) if there is no gains nor loss on sale of assets