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Sheridan Corporation operates several stores in British Columbia ( Vancouver , Victoria, Kamloops, Penticton, and Prince George ) . The restructuring of its organization on
Sheridan Corporation operates several stores in British Columbia Vancouver Victoria, Kamloops, Penticton, and Prince George The restructuring of its organization on November has led to the decision to sell its Prince George store. In preparing financial statements at December the following information was made available:
The Prince George operation incurred a loss of $ for the calendar year, including $ for the period January to November
Estimated costs to sell are $
At Lacember the fair value of the Prince George assets is estimated at $ million and the carrying amount is $ million.
The combined provincial and federal income tax rate is
It is estimated that the operation will lose an additional $ before it is sold.
The Prince George operation qualifies for reporting as a discontinued operation. What amount should be reported in the discontinued operations section of Sheridan's income statement? Enter negative amount using either a negative sign preceding the number eg or parentheses eg
Gain loss on discounted operation is
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