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The following Income Statement information has been obtained from the books of Unlimited Liquors Corporation for the year ended March 31, 2022. The Income
The following Income Statement information has been obtained from the books of Unlimited Liquors Corporation for the year ended March 31, 2022. The Income tax rate is 40% and the company has 50,000 shares of common stock outstanding. Sales Revenue Cost of Goods sold Operating expenses Income from discontinued operations Loss on disposal of discontinued operations $890,000 300,000 220,000 140,000 60,000 Determine the income or loss from the discontinued segment of the company as shown on the income statement: Answer:
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