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31, 2023, Indigo Pak Ltd. decided to discontinue its plasti ber 1, 2023. Division assets with a carrying value of $505 for the division was $31120. Assuming an income tax rate for the year ended December 31, 2023, under the caption 584 loss

31, 2023, Indigo Pak Ltd. decided to discontinue its plasti ber 1, 2023. Division assets with a carrying value of $505 for the division was $31120. Assuming an income tax rate for the year ended December 31, 2023, under the caption 584 loss

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Current Attempt in Progress On March 31, 2023, Indigo Pak Ltd. decided to discontinue its plastics division. The division, considered a reporting segment, was sold on September 1, 2023. Division assets with a carrying value of $505700 were sold for $389000. Operating income from January 1 to August 31 for the division was $31120. Assuming an income tax rate of 20%, what amount should be reported on Indigo Pak's income statement for the year ended December 31, 2023, under the caption "discontinued operations"? $99584 loss $31120 gain $85580 loss $68464 loss eTextbook and Media
Transcribed Image Text:Current Attempt in Progress On March 31, 2023, Indigo Pak Ltd. decided to discontinue its plastics division. The division, considered a reporting segment, was sold on September 1, 2023. Division assets with a carrying value of $505700 were sold for $389000. Operating income from January 1 to August 31 for the division was $31120. Assuming an income tax rate of 20%, what amount should be reported on Indigo Pak's income statement for the year ended December 31, 2023, under the caption "discontinued operations"? $99584 loss $31120 gain $85580 loss $68464 loss eTextbook and Media
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