8. On October 1, 2021, Loving Company approved a formal plan to sell a business segment. The sale will occur on April 1, 2022. The segment's revenue and expenses for 2021 were P30,000,000 and P32,000,000, respectively. On December 31, 2021, the carrying amount of the assets of the segment was P10,000,000 and the fair value less costs of disposal was P9,600,000. The income tax rate is 25%. What amount should be reported as income/(loss) from discontinued operation for 2021? * A. (2,400,000) B. (2,000,000) C. (1,800,000) D. 0 E. None of them

8. On October 1, 2021, Loving Company approved a formal plan to sell a business segment. The sale will occur on April 1, 2022. The segment's revenue and expenses for 2021 were P30,000,000 and P32,000,000, respectively. On December 31, 2021, the carrying amount of the assets of the segment was P10,000,000 and the fair value less costs of disposal was P9,600,000. The income tax rate is 25%. What amount should be reported as income/(loss) from discontinued operation for 2021? * A. (2,400,000) B. (2,000,000) C. (1,800,000) D. 0 E. None of them

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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