Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on november 30, 2016, fleiner company announced it

On November 30, 2016, Fleiner Company announced its plans to discontinue the operations of Division...

70.2K

Verified Solution

Question

Accounting

On 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.

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

Which of the following statements is FALSE for the class of biological molecules known as...

Physics
1.2K views

separation between the plates 6 A prism of refractive index u and refractin angle A...

Physics
1.2K views

The acceleration of block is 3m C 5g 8 8q Smooth 3m 2 A B...

Basic Math
1.2K views

If a box with a square cross section is to be sent by a delivery...

Basic Math
1.2K views

Find the power and root if they are real numbers 3 2 36 Step 1...

Calculus
1.2K views

Find the equation of the tangent line to the graph of 6 sin 2x at...

Accounting
1.2K views

The trial balance before adjustment of Risen Company reports the following balances: Cr. $...

Accounting
1.2K views

Help please ! 3. (10 points) The following standards have been established...

Accounting
1.2K views

Classic Pen Company: desarrollo de un modelo ABC Estuche The Classic Pen Company ...

Accounting
1.2K views

Prepare to discuss the four Capital Budgeting Methods used to make capital investments. Ensure the...

Accounting
1.2K views

The inventory accounts of a manufacturer would include all the following accounts except: ...

Accounting
1.2K views

The trial balance of Plano Company included the following accounts as of December 31,2024: ...