Rythyms Inc. committed to sell a division on March 22, 2018. It sold the division...
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Accounting
Rythyms Inc. committed to sell a division on March 22, 2018. It sold the division on June 14, 2020. Income from operating this division was $3,210,000, $1,031,000, and $304,000 in 2018, 2019 and 2020, respectively. On December 31, 2018, the carrying value of the division was $9,840,000 and the fair value was $9,740,000. On December 31, 2019, the fair value of the division was $10,440,000 and the carrying value of the division was $9,840,000. The division was sold for $9,600,000 when the carrying value was $9,840,000. Prepare the discontinued operations section of the income statement for 2018 through 2020, assuming Rhythms' income tax rate is 30%.
(Use parentheses or a minus sign to enter any loss amount. If a box is not used in the table, leave the box empty; do not select a label or enter a zero.)
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