Reporting Gains/Losses on Discontinued Operations (extended phase-out period) For each case presented below, determine the gain or loss to be reported in each year (assume the impairment was realized at disposal; i.e. there was no additional impairment): - RESULTS OF OPERATIONS -- Year 1 Year 2 Measurement date Beginning of year to End of year to disposal date IMPAIRMENT TEST 12/31/Year 1 Book Fair Value Value Less Costs DISPOSAL Year 2 Gain/loss on Disposal CASE 2 3 4 5 6 7 8 $1,000 (1,000) 1,000 (1,000) 1,000 (1,000) 1,000 (1,000) $750 (750) (750) 750 750 (750) (750) 750 $10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 $11,250 8,750 8,750 11,250 8,750 11,250 11,250 8,750 $1,250 (1,250) (1,250) 1,250 (1,250) 1,250 1,250 (1,250) Amounts Reported IN: Year 1 Case Income Impairment Year 2 Income Gain/Loss 1 2 3 4 5 6 7 8