Dublin Company had two operating divisions, ona manufactures machinery and the other breeds and selle horses. Both divisions are considered separate components The horse division has been unprofitable and on November 15, 2021, the entity adopted a formal plan to sell the division On December 31, 2021, the component was considered held for sale. The sale was completed on April 30, 2022. On December 31, 2021, the carrying amount of the assets of the horse division was P5,000,000. On that date, the fair value of the assets less cost of disposa was P4,000,000. The before-tax operating loss of the horse division for the year was P1,500,000. The income from continuing operations of Dublin Compan for 2021 was P8,000,000. The income tax rate is 30%.

Dublin Company had two operating divisions, ona manufactures machinery and the other breeds and selle horses. Both divisions are considered separate components The horse division has been unprofitable and on November 15, 2021, the entity adopted a formal plan to sell the division On December 31, 2021, the component was considered held for sale. The sale was completed on April 30, 2022. On December 31, 2021, the carrying amount of the assets of the horse division was P5,000,000. On that date, the fair value of the assets less cost of disposa was P4,000,000. The before-tax operating loss of the horse division for the year was P1,500,000. The income from continuing operations of Dublin Compan for 2021 was P8,000,000. The income tax rate is 30%.

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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