2 Semester Cengage Now, Warren Accounting
26th Edition
ISBN: 9781305662308
Author: WARREN
Publisher: Cengage
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Chapter 15FSI, Problem 8DQ
To determine
Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.
International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.
To compare: The term ‘share premium’ used in IFRS
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In 2025, Sunland Corporation disposed of Amy Division, a major component of its business. Sunland realized a loss of $1493000, net
of taxes, on the sale of Amy's assets. Amy's operating income, net of taxes, was $466000 in 2025. How should these facts be reported
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Total Amount to be Included in
Income from
Results of
Continuing Operations
Discontinued Operations
1027000 loss
0
1493000 loss
466000 gain
0
1027000 loss
$466000 gain
$1493000 loss
Chapter 15FSI Solutions
2 Semester Cengage Now, Warren Accounting
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