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During December 2007, Smythe Company decides to sell Division F (a component of the company). On December 31, 2007, the company classifies Division F as held for sale. On that date, the book values of...

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During December 2007, Smythe Company decides to sell Division F (a component of the company). On December 31, 2007, the company classifies Division F as held for sale. On that date, the book values of Division F’s assets and liabilities are $950,000 and $600,000, respectively. Smythe expects to sell Division F in 2008 and estimates that the fair value of Division F is $250,000. During 2007, Division F earned revenues of $1,000,000 and incurred expenses of $1,300,000. Smythe Company is subject to a 30% income tax rate.

Required
Prepare the results from discontinued operations section of Smythe Company’s income statement for 2007. Show supporting calculations.

Answered Same Day Dec 21, 2021

Solution

Robert answered on Dec 21 2021
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