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Sandhill Corporation operates several stores in British Columbia (Vancouver, Victoria, Kamloops, Penticton, and Prince George). The restructuring of its organization on November 20,2023 , has
Sandhill Corporation operates several stores in British Columbia (Vancouver, Victoria, Kamloops, Penticton, and Prince George). The restructuring of its organization on November 20,2023 , has led to the decision to sell its Prince George store. In preparing financial statements at December 31,2023 , the following information was made available: 1. The Prince George operation incurred a loss of $286,300 for the 2023 calendar year, including $227,250 for the period January 1 to November 20,2023. 2. Estimated costs to sell are $305,000. 3. At December 31, 2023, the fair value of the Prince George assets is estimated at $7.220 million and the carrying amount is \$7.525 milion. 4. The combined provincial and federal income tax rate is 30%. 5. It is estimated that the operation will lose an additional $252,500 before it is sold. In early 2024 , the Prince George operation is sold for $8.735 million, with actual costs to sell of $404,000. Additional disposal costs related to the sale are $505,000. The operation lost an additional $151,500 before it was sold. What amount should be reported in the discontinued operations section of Sandhill's 2024 income statement? (Enter negative amount using either a negative sign preceding the number e.g. 45 or parentheses e.g. (45).) Gain / (Loss) on discontinued operations
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