Question
Windsor, Inc. disposes of an unprofitable segment of its business. The operation of the segment suffered a $222000 loss in the year of disposal. The
Windsor, Inc. disposes of an unprofitable segment of its business. The operation of the segment suffered a $222000 loss in the year of disposal. The loss on disposal of the segment was $122000. If the tax rate is 32%, and income before income taxes was $1622000 then:
net income is $1278000. |
the losses from discontinued operations are reported net of income taxes at $344000. |
the income tax expense on the income before discontinued operations is $454080. |
the income from continuing operations is $1102960. |
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Intermediate Accounting
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
10th Canadian Edition, Volume 1
978-1118735329, 9781118726327, 1118735323, 1118726324, 978-0176509736
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