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- On December 31, 2021, Max Company committed to a plan to discontinue the operations of Underwear Division. The fair value of the facilities was P1,000,000 less than carrying amount on December 31, 2021. The division's operating loss for 2021 was P2,000,000 and the division was actually sold for P1,200,000 less than the carrying amount in 2022. The entity estimated that the division's operating loss for 2022 would be P500,000, The income tax rate is 30% What amount should be reported as loss from discontinued operation in 2021?On December 31, 2021 Max Sara Beauty Corp. committed to a plan to discontinue the operations of its Lingerie Division. The fair value of the facilities was P1,000,000 less than carrying amount on December 31,2021. The division's operating loss for 2021 was P2,000,000 and the division was actually sold for P1,200,000 less than carrying amount in 2022.The entity estimated that the division's operating loss for 2022 would be P500,000. The income tax rate is 30%. What amount would be reported as loss from discontinued operation in 2021? A.3000000 B. 2100000 C. 2240000 D.2450000Booker Company committed to sell the comic book division, a component of the business, on September 1, 2020. The carrying amount of the division was P4,000,000 and the fair value was P3,500,000. The disposal date is expected on June 1, 2021, The division reported an operating loss of P200,000 for the year ended December 31, 2020. What amount should be reported as pretax loss from discontinued operation in 2020? a.500,000b.200,000c.700,000d.0
- 1.In February 2019, Wall Corp decided to sell its entire Plant division. The Plant division was a major part of Wall Corp's business and the sale will result in a strategic change in direction for the company. The sale was completed in January 2020 and resulted in a gain on disposal of P500,000. In 2019 Plant's net losses were P350,000 and P20,000 in 2020 up until the date of sale. Excluding taxation, what should the net gain/(loss) to be reported in the income statements of Wall Corp for its Plant division? A.2019 (P350,000) / 2020 P500,000 B. 2019 (P350,000) / 2020 P480,000 C. 2019 P230,000 / 2020 P0 D. 2019 P0 / 2020 P230,000In February 2019, Walley Corp decided to sell its entire Plant division. The Plant division was a major part of Walley Corp’s business and the sale will result in a strategic change in direction for the company. The sale was completed in January 2020 and resulted in a gain on disposal of P500,000. In 2019 Plant’s net losses were P350,000 and P20,000 in 2020 up until the date of sale. Excluding taxation, what should the net gain/(loss) to be reported in the income statements of Walley Corp for its Plant division? Select one: a. 2019 P 230,000 / 2020 P 0 b. 2019 (P 350,000) / 2020 P 480,000 c. 2019 P 0 / 2020 P 230,000 d. 2019 (P 350,000) / 2020 P 500,000On January 1, 2021, Concretti Inc. had a division that met the criteria for discontinuance of a business component. For the period January 1 through October 15, 2021, the component had revenue of P500,000 and expenses of P800,000. The assets of the component were sold on October 15, 2021 at a loss of P100,000. How should Concretti report the component's operation for 2021? A. 500,000 and 800,000 should be included in continuing operationsB. 400,000 should be reported as loss on discontinued operationsC. 400,000 should be reported as an extraordinary lossD. 300,000 should be reported as loss on discontinued operations
- On December 31, 2024, the end of the fiscal year, California Microtech Corporation held its semiconductor business for sale at year-end. The estimated fair value of the segment’s assets, less costs to sell, on December 31 was $18 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. Consider the following additional information. The book value of the assets of the segment at the time of the sale was $17 million. The loss from operations of the segment during 2024 was $3.2 million. Pretax income from other continuing operations for the year totaled $6.0 million. The income tax rate is 25%. Prepare the lower portion of the 2024 income statement beginning with income from continuing operations before income taxes. Note: Loss amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions. For example, $4,000,000 rather than $4.In February 2019, Wall Corp decided to sell its entire Plant division. The Plant division was a major part of Wall Corp’s business and the sale will result in a strategic change in direction for the company. The sale was completed in January 2020 and resulted in a gain on disposal of P500,000. In 2019 Plant’s net losses were P350,000 and P20,000 in 2020 up until the date of sale. Excluding taxation, what should the net gain/(loss) to be reported in the income statements of Wall Corp for its Plant division?2 points A.2019 (P350,000) / 2020 P500,000B. 2019 (P350,000) / 2020 P480,000C. 2019 P230,000 / 2020 P0D. 2019 P0 / 2020 P230,000In February 2019, Wall Corp decided to sell its entire Plant division. The Plant division was a major part of Wall Corp’s business and the sale will result in a strategic change in direction for the company. The sale was completed in January 2020 and resulted in a gain on disposal of P500,000. In 2019 Plant’s net losses were P350,000 and P20,000 in 2020 up until the date of sale. Excluding taxation, what should the net gain/(loss) to be reported in the income statements of Wall Corp for its Plant division?
- 19. In 2020, Roy Industries decided to discontinue its Laminating Division, a separately identifiable component of Roy's business. At December 31, 2020, the division has not been completely sold. However, negotiations for the final and complete sale are progressing in a positive manner, and it is probable that the disposal will be completed within a year. Analysis of the records disclosed the following:Operating loss for the year P899,000Loss on disposal of some assets during 2020 50,000Expected operating loss in 2021 450,000Expected gain in 2021 on disposal of division 200,000 Assuming a 35% tax rate, how much will be reported as loss from discontinued operations in Roy's 2020 income statement? P_________ Use the following information for the next two questions. Presented below are the condensed income statements ofRobert Corporation for the years ended…On January 1, 2021, Concretti Inc. had a division that met the criteria for discontinuance of a business component. For the period January 1 through October 15, 2021, the component had revenue of P500,000 and expenses of P800,000. The assets of the component were sold on October 15, 2021 at a loss of P100,000. How should Concretti report the component's operation for 2021?On November 1, 2021, Jamison Inc. adopted a plan to discontinue its barge division, which qualifies as a separate component of the business according to GAAP regarding discontinued operations. The disposal of the division was expected to be concluded by April 30, 2022. On December 31, 2021, the company's year-end, the following information relative to the discontinued division was accumulated: Operating loss Jan. 1–Dec. 31, 2021 $ 65 million Estimated operating losses, Jan. 1 to April 30, 2022 80 million Excess of fair value, less costs to sell, over book value at Dec. 31, 2021 15 million In its income statement for the year ended December 31, 2021, Jamison would report a before-tax loss on discontinued operations of: Multiple Choice $65 million. $50 million. $130 million. $145 million.
