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Business, 24.10.2019 23:43 gracie0818

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, 2018. the following additional facts pertain to the transaction: a. the footwear division qualifies as a component of the entity according to gaap regarding discontinued operations. b. the book value of footwear's assets totaled $48 million on the date of the sale. c. footwear's operating income was a pre-tax loss of $10 million in 2018. d. foxtrot's income tax rate is 40%. in the income statement for the year ended december 31, 2018, foxtrot co. would report:

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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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