30%. What amount should be reported as income or (loss) from discontinued operation?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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THIS SUBJECT IS INTERMEDIATE
ACCOUNTING Lugud Company reported for
the current year a net income of P500,000,
Income from continuing operation of
P700,000, Income before tax of P1,000,000,
Gross Income of P3,500,000. The tax rate
30%. What amount should be reported as
income or (loss) from discontinued operation?
Transcribed Image Text:THIS SUBJECT IS INTERMEDIATE ACCOUNTING Lugud Company reported for the current year a net income of P500,000, Income from continuing operation of P700,000, Income before tax of P1,000,000, Gross Income of P3,500,000. The tax rate 30%. What amount should be reported as income or (loss) from discontinued operation?
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