Problem 4-2

HI. I NEED THE ANSWER TO (C) QUESTION PLEASE. THE CHOICES ON DROP DOWN MENU ITEMS ARE PROVIDED BELOW. KINDLY HELP ME IDENTIFY THE CORRECT ONE - THANKS

HERE ARE THE CHOICES ON DROP DOWN LIST TO CHOOSE FROM ON EACH BOXES ABOVE. I ALSO NEED THE CORRECT FIGURES. THANKS

On November 1, 2016, Campbell Corporation management decided to discontinue operation of its Rocketeer Division and approved a formal plan to dispose of the division. Campbell isa successful corporation with earnings of $285 million or more before tax for each of the past five years. The Rocketeer Division, a major part of Campbell's operations, is being discontinued because it has not contributed to this profitable performance. The division's main assets are the land, building, and equipment used to manufacture engine components. The land, building, and equipment had a net book value of $80 million on November 1, 2016 Campbel's management has entered into negotiations for a cash sale of the division for $68 million (net of costs to sell). The sale date and final disposal date of the division is expected to be uly 1, 2017, Campbel Corporation has a fiscal year ending May 31. The results of operations for the Rocketeer Division for the 2016-17 fiscal year and the estimated results for June 2017 are presented below. The before-tax losses after October 31, 2016, are calculated without depreciation on the building and equipment. Period Before-Tax Loss June 1, 2016, to October 31, 2016 $04,750,000) November 1, 2016, to May 31, 2017 (3,040,000) une 1 to 30, 2017 (estimated) (570,000) The Rocketeer Division will be accounted for as a discontinued operation on Campbell's financial statements for the year ended May 31, 2017. Campbell's tax rate is 25% on operating income and all gains and losses. Campbell prepares financial statements in accordance with IFRS Your answer is correct. Indicate how the Rocketeer Division's assets would be reported on Campbell Corporation's balance sheet as at May 31, 2017 The Rocketeer Division's assets should be identiried on Campbell Corporation's balance sheet as of May 31, 2017 as Held for sale current assets and carried at Tair Attempts: 2 of 4 used Your answer is correct. Indicate how the discontinued operations and pending sale of the Rocketeer Division would be reported on Campbell Corporation's income statement for the year ended May 31, 2017 Income from Continuing Operations from O of the Rocketeer Division Less Applicable Income Tax on Impairment of Rocketeer Division Assets Less licable Income Tax Reco 1484250 Net Income/ (Loss) sxxx