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During the calendar year 2020, Maroon Ltd. entered into an agreement to sell its Vehicle Division to Pink Ltd. For purposes of income statement reporting, the Vehicle Division qualifies as a separate component of the business. The Vehicle Division incurred a net loss of $300,000 from the beginning of the year to the date of sale, December 15, 2020. The combined assets of the Vehicle Division had a book value of $10,340,000 and were sold for $9,000,000 on December 15, 2020. Assume Maroon has an income tax rate of 30%. Instructions
Problem 1: Calculate the amounts Maroon should report for the following items in the Discontinued Operations section of the December 31, 2020 income statement:
a. Income/Loss on Operation of Vehicle Division.b. Gain/Loss on Disposal of Division.
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