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Selected information about income statement accounts for the Reed Company is presented below (he company's fiscal year ends on December 31) 10 ponts Sales Cost
Selected information about income statement accounts for the Reed Company is presented below (he company's fiscal year ends on December 31) 10 ponts Sales Cost of goods sold Adninistrative expenses Selling expenses Interest revenue Interest expense Loss on sale of assets of discontinued component $5,183,8e0 $4,289,880 3,880,8ee 2,148,888 940,890 815,e00 583,800 45,800 164,800 154,098 228,800 228,89e 186,000 On July t, 2018, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP The assets of the component were sold on September 30, 2018, for $106,000 less than their book value Resuits of operations for the component Uncluded in the above account balances) were as follows 1/1/18-9/3e/18 2017 $ $48,80e 648,890 Sales Cost of goods sold Administrative expenses Selling expenses Operating income before taxes (360,000) (44,0e0) (64,000) (54,800) (34,980) 44,880) 82,888 138,eee ype here to search
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