Question

n November 30, 2016, Fleiner Company announced its plans to discontinue the operations of Division P (a major component of the company) by selling the division. On December 31, 2016, Division P had not yet been sold and was classified as held for sale. On this date, Division P had assets with a book value of $920,000 and liabilities with a book value of $610,000. Fleiner estimates that the fair value of Division P on this date is $190,000. During 2016, Division P earned revenues of $920,000 and incurred expenses of $980,000. Fleiner is subject to a 30% income tax rate. Required: 1. Compute the following for Division P of Fleiner Company: a) Pretax income or loss from discontinued operations $ -60,000 Loss b) Income tax expense or credit for discontinued operations $ 18,000 Credit c) After tax income or loss from discontinued operations $ -42,000 Loss d) Pretax income or loss on write-down of Division P held-for-sale $ e) Income tax expense or credit for write-down of Division P held-for-sale $ f) After tax income or loss on write-down of Division P held-for-sale $

Answer 1

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