Question
Urus Inc. has approved a formal plan to sell its division name division. A detailed plan has been approved by the board of directors and
Urus Inc. has approved a formal plan to sell its division name division. A detailed plan has been approved by the board of directors and a buyer was confirmed. The division only has one asset on the books at $8 million. The estimated selling price is $7.5 million. The division has reported after tax operating loss of $1.6 million (net of tax recovery of $0.69 million) in the year. The company has reported Net Income of $4.4 million and tax rate of 30% for the year. What is the after tax income from continuing operations to be reported on the income statement for the year?
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