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Problem - Presented below are the condensed income statement of Vital Corporation for the years ended December 31, 2020 and 2019:
2020
2019
Sales
5,000,000
4,900,000
Cost of goods sold
3,350,000
3,300,000
Gross income
1,650,000
1,600,000
Operating expenses
675,000
650,000
Operating income
975,000
950,000
Gain on sale of division
200,000
0
Net income before income tax
1,175,000
Income tax expense (35%)
411,250
332,500
Net income
763,750
617,500
On October 10, 2020, Chalangs entered into an agreement to sell the assets of one of its geographical segments. The geographical segment comprises operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the company. The segment was sold on December 31, 2020, for P1,750,000. The book value of the segments assets was P1,550,000. The segments contribution to Chalangs' operating income before tax for each year was as follows:
2020 113,750 loss
2019 81,250 income
Assume that by December 31, 2020, the segment had not yet been sold but was considered held for sale. The fair value of the segment's assets on December 31 was P1,250,000. Determine the post-tax loss from discontinued operations for 2020?
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