On January 1, 2021, Concretti Inc. had a division that met the criteria for discontinuance of a business component. For the period January 1 through October 15, 2021, the component had revenue of P500,000 and expenses of P800,000. The assets of the component were sold on October 15, 2021 at a loss of P100,000. How should Concretti report the component's operation for 2021? A. 500,000 and 800,000 should be included in continuing operations B. 400,000 should be reported as loss on discontinued operations C. 400,000 should be reported as an extraordinary loss D. 300,000 should be reported as loss on discontinued operations

On January 1, 2021, Concretti Inc. had a division that met the criteria for discontinuance of a business component. For the period January 1 through October 15, 2021, the component had revenue of P500,000 and expenses of P800,000. The assets of the component were sold on October 15, 2021 at a loss of P100,000. How should Concretti report the component's operation for 2021? A. 500,000 and 800,000 should be included in continuing operations B. 400,000 should be reported as loss on discontinued operations C. 400,000 should be reported as an extraordinary loss D. 300,000 should be reported as loss on discontinued operations

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 10MC: Shannon Corporation began operations on January 1, 2019. Financial statements for the years ended...

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