I know the Impairment gain\/loss for Year 1= ($500,000) & Year 2= $0<\/p>\n
I think the Operating gain\/loss for Year 1= ($700,000) & Year 2= ($200,000)<\/p>\n
On July 1, Year 1, the board of directors of All Seasons Sports, Inc. voted to dispose of the Ski & Snowboard operating segment of the company. On that date, the carrying value of the segment was $3,000,000, but the Board believed that it could sell the segment for no more than $2,500,000. The company was committed to its plan to sell the segment and was actively looking for a buyer until April 1, Year 2, when the division was sold to We Love Winter, Inc. for a sales price of $3,200,000. All Seasons Sports paid a brokers fee of 10% of the sales price when the transaction was closed. Ski& Snowboard’s operating results were as follows:<\/p>\n
1\/1\/Year 1 \u2013 6\/30\/Year 1 ($300,000)<\/p>\n
7\/1\/Year 1 \u2013 12\/31\/Year 1 ($400,000)<\/p>\n
1\/1\/Year 2 \u2013 3\/31\/Year 2 ($200,000)<\/p>\n
All Seasons Sports has a tax rate of 30%. Calculate the Gain\/(Loss) from Discontinued Operations for Year 1 and Year 2:<\/p>\n
Year 1 Year 2<\/p>\n
Impairment Gain\/(Loss) <\/p>\n
Operating Gain\/(Loss)<\/p>\n
Gain\/(Loss) on Disposal Income Tax Benefit\/(Expense)<\/p>\n
Total Gain\/(Loss) from Discontinued Operations<\/p>\n","protected":false},"excerpt":{"rendered":"
I know the Impairment gain\/loss for Year 1= ($500,000) & Year 2= $0 I think the Operating gain\/loss for Year 1= ($700,000) & Year 2= ($200,000) On July 1, Year 1, the board of directors of All Seasons Sports, Inc. Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-50999","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/50999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=50999"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/50999\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=50999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=50999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=50999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}