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