Wilson, Inc. sold one of its divisions that had been unprofitable for the past two...
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Accounting
Wilson, Inc. sold one of its divisions that had been unprofitable for the past two years. The current period loss from operations of this division totaled $30,000. Wilsons sale of the division created a gain of $16,000 on the sale of the divisions assets. The income tax rate is 40%. What amount will Wilson report as the income or loss from discontinued operations?
a. $14,000 loss
b. $9,600 gain
c. $8,400 loss
d. $18,000 loss
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