Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during 2017, cullumber company disposed of pine di

During 2017, Cullumber Company disposed of Pine Division, a major component of its business. Cullumber...

50.1K

Verified Solution

Question

Accounting

During 2017, Cullumber Company disposed of Pine Division, a major component of its business. Cullumber realized a gain of $2980000, net of taxes, on the sale of Pine's assets. Pine's operating losses, net of taxes, were $3540000 in 2017. How should these facts be reported in Cullumber's income statement for 2017?

Total Amount to be include in

income from continuing operations Result of Discontinued Operations

a. 0 560000 loss

b 298000 gain 3540000 loss

c 560000 loss 0

d 3540000 loss 2980000 gain

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

You are trying to study for a physics exam, but your kids keep distracting you. You...

Physics
Q

Question 4: Alpha Centauri is a binary star system (the two individual stars are called Alpha...

Physics
Q

Approximately how many atoms are there in a baby elephant (mass 240 kg)? Give the order...

Physics
Q

   ketch labelled diagrams of a field effect transistor and an NPN transistor and describe how...

Electrical Engineering
Q

Walters Audio Visual Inc. offers an incentive stock option plan to its regional managers. On January...

Accounting
Q

If you make a mistake on a check that cannot be easily corrected you should...

Basic Math
Q

A particular cookie recipe calls for 1 6 cups of butter to make 3 dozen...

Calculus
Q

As a long-term investment at the beginning of the 2024 fiscal year, Florists International purchased...

Accounting
Q

All of the following are official item categories of Form 10-K except: Select one: A....

Accounting
Q

6. Is it possible to increase profit percentage while experiencing a drop in net sales?...

Accounting
Q

Solve the following Problem: for the following operation of manufacturing a machining vise use the...

Accounting
Q

Mike and Rachel form M\&R Partnership. Mike invests $40,000 cash and Rachel invests $60,000 cash....

Accounting