Question
Shebay Company disposed of Segment C, a manufacturing division, during 2022. The segment met the criteria as Held for Sale on September 30, 2022. Segment
Shebay Company disposed of Segment C, a manufacturing division, during 2022. The segment met the criteria as "Held for Sale on September 30, 2022. Segment C's revenue from January 1 to September 30 amounted to P2,000,000 and from October 1 to November 30 (actual disposal date) amounted to P200,000. Selling and administrative expenses from January 1 to September 30 and from October 1 to November 30 were P1,700,000 and P300,000, respectively. Net proceeds from sale of the segment on November 30, 2022 were P15,000,000 at which time the segment's carrying value was P14,000,000. The company's income tax rate is 25%. The company presents on the face of the statement of comprehensive income a single-line item for discontinues operations.
Based on the information above, answer the following:
How much is the profit (or loss) from the operations of the discontinued operations? (Indicate a positive amount if the answer is profit; otherwise. denote a negative number if the answer is a loss)
How much is presented as "Discontinued Operations" on the face of the statement of comprehensive income?
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