Nosher Co. planned to sell its product X division on June 30, 2019. The carrying amount is P5,000,00 and fair value less cost of disposal of the division is P4,500,000. For the year 2019, the company reported net profit of P10,000,000 and P500,000 loss is attributed to product X division. How much is the income from discontinued operation in 2019?

Nosher Co. planned to sell its product X division on June 30, 2019. The carrying amount is P5,000,00 and fair value less cost of disposal of the division is P4,500,000. For the year 2019, the company reported net profit of P10,000,000 and P500,000 loss is attributed to product X division. How much is the income from discontinued operation in 2019?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter7: Losses—deductions And Limitations

Section: Chapter Questions

Problem 17P

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