The following information was taken from the records of Vega Inc. for the year 2015: income tax
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The following information was taken from the records of Vega Inc. for the year 2015: income tax applicable to income from continuing operations R$119,000, income tax applicable to loss on discontinued operations R$25,500, and unrealized holding gain on non-trading equity securities R$15,000.
Gain on sale of plant assetsR$95,000Cash dividends declaredR$150,000Loss on discontinued operations75,000Retained earnings January 1, 2015600,000Administrative expenses240,000Cost of goods sold850,000Rent revenue40,000Selling expenses300,000Loss on impairment of land60,000Sales revenue1,700,000
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