Swifty, Inc. decided on January 1 to discontinue its telescope manufacturing division. On July 1, the division's assets with a book value of $831000 are sold for $610000. Operating income from January 1 to June 30 for the division amounted to $135000. Ignoring income taxes, what total amount should be reported on Swifty's income statement for the current year under the caption, Discontinued Operations?
Swifty, Inc. decided on January 1 to discontinue its telescope manufacturing division. On July 1, the division's assets with a book value of $831000 are sold for $610000. Operating income from January 1 to June 30 for the division amounted to $135000. Ignoring income taxes, what total amount should be reported on Swifty's income statement for the current year under the caption, Discontinued Operations?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Swifty, Inc. decided on January 1 to discontinue its telescope manufacturing division. On July 1, the division's assets with a book value
of $831000 are sold for $610000. Operating income from January 1 to June 30 for the division amounted to $135000. Ignoring
income taxes, what total amount should be reported on Swifty's income statement for the current year under the caption,
Discontinued Operations?
O $86000 loss
O $221000 loss
O $356000
O $135000
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