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The Burgess Corporation sold its credit subsidiary on December 31 of the current year at a gain of $140. See below for Prepare Burgess Corporations
The Burgess Corporation sold its credit subsidiary on December 31 of the current year at a gain of $140. See below for Prepare Burgess Corporations statement of net income for the current year reflecting the discontinued subsidiary the corporaticn's income statenent before removing the discontinued subsidiary and before the inclusion of the gain on assuming that it met all of the necessary conditions to be reported as a discontinued operation. The discontinued the sale of the subsidiary. subsidiary accounted for 20% of revenues and 15% of all operating expenses. (Use the condensed, multi-step income statement format and assume the company SX.XX. Use parentheses or a minus sign to enter any loss amount.) Click the o n to view the corporation's income statement before em ving the discontinued subsidiary and before su ea o a 4 % ncome tax rate ound your a wers o e nearest e the inclusion of the gain on the sale of the subsidiary.) Burgess Corporation Statement of Net Incomo For the Year Ended December 31 Data Table Less: Burgess Statement of Net Income For the Year Ended December 31 Sales 30,000 7,200 $22,800 660 880 21,260 8,504 12,756 Cost of Services Provided Gross Profit Selling, General, and Administrative Expenses Depreciation and Amortization Expense Income Before Tax Income Tax Expense (at 40%) Net Income Net Income Print Done
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