In 2017, Pronghorn Corporation discontinued its retail store operations to focus on its online opportunities. The elimination of these retail operations is properly considered a discontinued operation. During the current year, its store operations lost $630,000 (net of tax) while its online operations reported a profit of $3,530,000 (net of tax). Pronghorn sold the store operations at the end of the year at a loss of $1,380,000 (net of tax). Prepare an income statement for 2017 beginning with line item “Income from continuing operations.”PRONGHORN CORPORATIONPartial Income Statementchoose the accounting period December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017select an income statement item Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Store Operations Net of TaxLoss From Operation of Discontinued Store Operations Net of TaxNet Income / (Loss) $enter a dollar amount select an opening section name Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Store Operations Net of TaxLoss From Operation of Discontinued Store Operations Net of TaxNet Income / (Loss) select an income statement item Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Store Operations Net of TaxLoss From Operation of Discontinued Store Operations Net of TaxNet Income / (Loss) $enter a dollar amount select an income statement item Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Store Operations Net of TaxLoss From Operation of Discontinued Store Operations Net of TaxNet Income / (Loss) enter a dollar amount enter a subtotal of the two previous amountsselect a closing name for this statement Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Store Operations Net of TaxLoss From Operation of Discontinued Store Operations Net of TaxNet Income / (Loss) $enter a total net income or loss amount

Net Income = Income From Continuing Operations + Discontinued Operations Income (Loss)

Answered: In 2017, Pronghorn Corporation…

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter6: Accounting Quality

Section: Chapter Questions

Problem 20PC

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In 2017, Pronghorn Corporation discontinued its retail store operations to focus on its online opportunities. The elimination of these retail operations is properly considered a discontinued operation. During the current year, its store operations lost $630,000 (net of tax) while its online operations reported a profit of $3,530,000 (net of tax). Pronghorn sold the store operations at the end of the year at a loss of $1,380,000 (net of tax). Prepare an income statement for 2017 beginning with line item “Income from continuing operations.”

PRONGHORN CORPORATION Partial Income Statement choose the accounting period December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017
select an income statement item Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Store Operations Net of TaxLoss From Operation of Discontinued Store Operations Net of TaxNet Income / (Loss)		$enter a dollar amount
select an opening section name Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Store Operations Net of TaxLoss From Operation of Discontinued Store Operations Net of TaxNet Income / (Loss)
select an income statement item Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Store Operations Net of TaxLoss From Operation of Discontinued Store Operations Net of TaxNet Income / (Loss)	$enter a dollar amount
select an income statement item Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Store Operations Net of TaxLoss From Operation of Discontinued Store Operations Net of TaxNet Income / (Loss)	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name for this statement Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Store Operations Net of TaxLoss From Operation of Discontinued Store Operations Net of TaxNet Income / (Loss)		$enter a total net income or loss amount

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