Atoms, Inc. committed to sell a division on March 22, 2022. It sold the division on June 14, 2024. Income from operating this division was $3,970,000, $1,044,000, and $336,000 in 2022, 2023 and 2024, respectively. On December 31, 2022, the carrying value of the division was $9,280,000 and the fair value was $8,580,000. On December 31, 2023, the fair value of the division was $9,330,000 and the carrying value of the division was $9,280,000. The division was sold for $9,100,000 when the carrying value was $9,280,000. Prepare the discontinued operations section of the income statement for 2022 through 2024 assuming Atoms' income tax rate is 20%. (Use parentheses or a minus sign to enter any loss amount. If an input field is not used in the table, leave the input field empty, do not select a label or enter a zero.) Income from Discontinued Operations Atoms, Inc. Partial Income Statement For the Year Ended December 31 2022 2023 2024

Atoms, Inc. committed to sell a division on March 22, 2022. It sold the division on June 14, 2024. Income from operating this division was $3,970,000, $1,044,000, and $336,000 in 2022, 2023 and 2024, respectively. On December 31, 2022, the carrying value of the division was $9,280,000 and the fair value was $8,580,000. On December 31, 2023, the fair value of the division was $9,330,000 and the carrying value of the division was $9,280,000. The division was sold for $9,100,000 when the carrying value was $9,280,000. Prepare the discontinued operations section of the income statement for 2022 through 2024 assuming Atoms' income tax rate is 20%. (Use parentheses or a minus sign to enter any loss amount. If an input field is not used in the table, leave the input field empty, do not select a label or enter a zero.) Income from Discontinued Operations Atoms, Inc. Partial Income Statement For the Year Ended December 31 2022 2023 2024

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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