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Question
belfry, inc. disposes of an unprofitable segment of its business. the operation of the segment suffered a $160,000 loss in the year of disposal. the loss on disposal of the segment was $80,000. if the tax rate is 30%, and income before income taxes was $1,000,000,
a.the income tax expense on the income before discontinued operations is $228,000
b.the income from continuing operations is $700,000
c.net income is $760,000
d.the losses from discontinued operations are reported net of income taxes at $120,000
Answer
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