On April 1, 2020, Desert Company decided to dispose of their Scorpion Division. Desert sold Scorpion Division to Cactus Corporation on November 30, 2020, for net gain on the sale of $138,984. From April 1st to November 30th, Scorpion Division generated a gain on operations of $164,246. The tax rate is 30%. Desert reported $807,304 in Income from Continuing Operations. What is the amount of Net Income Desert will report on its income statement? *round your answer to the nearest dollar

On April 1, 2020, Desert Company decided to dispose of their Scorpion Division. Desert sold Scorpion Division to Cactus Corporation on November 30, 2020, for net gain on the sale of $138,984. From April 1st to November 30th, Scorpion Division generated a gain on operations of $164,246. The tax rate is 30%. Desert reported $807,304 in Income from Continuing Operations. What is the amount of Net Income Desert will report on its income statement? *round your answer to the nearest dollar

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter14: Taxes On The Financial Statements

Section: Chapter Questions

Problem 11DQ

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