The unaudited income statement of XYZ corp are reproduced below. Year 8 Year 7 Sales...
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Accounting
The unaudited income statement of XYZ corp are reproduced below. Year 8 Year 7 Sales - $1,100 $900 Costs and Expenses - $990 $860 Loss on Asset disposal - $10 Income before Taxes - $100 $40 Tax Expense - $50 $20 Net Income $50 $20 On 8/15/X8 the company decided to discontinue its manufacturing division. The business was sold on 12/31/X8 at book value except for a building with a book value of $25 that was sold for $15. operation of the division were: Sales Income Year7 300 8 1/1/X8 to 8/15/X8 250 -3 8/16/X8 to 12/31/X8 75 -1 Required correct the year 7 and year 8 income statement to reflect the proper reporting of discontinued operations
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