Business, 08.10.2019 04:00 aidanwindsor1738
On may 1, foxtrot co. agreed to sell the assets of its footwear division to albanese inc. for $80 million. the sale was completed on december 31, 2016. the following additional facts pertain to the transaction: • the footwear division qualifies as a component of the entity according to gaap regarding discontinued operations. • the book value of footwear's assets totaled $48 million on the date of the sale. • footwear's operating income was a pre-tax loss of $10 million in 2016. • foxtrot's income tax rate is 40%. in the 2016 income statement for foxtrot co., it would report income from discontinued operations of:
a. $9.2 million.
b. $13.2 million.
c. $22 million.
d. $26 million
Answers: 1
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On may 1, foxtrot co. agreed to sell the assets of its footwear division to albanese inc. for $80 mi...
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