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The Burgess Corporation sold its credit subsidiary on December 31 of the current year at a gain of $150. See below for the corporation's
The Burgess Corporation sold its credit subsidiary on December 31 of the current year at a gain of $150. See below for the corporation's income statement before removing the discontinued subsidiary and before the inclusion of the gain on the sale of the subsidiary. (Click the icon to view the corporation's income statement before removing the discontinued subsidiary Prepare Burgess Corporations statement of net income for the current year reflecting the discontinued subsidiary, assuming that it met all of the necessary conditions to be reported as a discontinued operation. The discontinued subsidiary accounted for 20% of revenues and 15% of all operating expenses. (Use the condensed, multi-step income statement format and assume the Less: Burgess Corporation Statement of Net Income For the Year Ended December 31
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