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Determine what amount should be reported in income statement

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Reference no: EM132817750

Problem 1: WXY Company decided on August 1, 2018 to dispose of a component of business. The component was sold on November 30, 2018. The income for 2018 included income of P5,000,000 from operating the discontinued segment from January 1 to the sale date. The entity incurred a loss on the November 30 sale of P4,500,000. Ignoring income tax, what amount should be reported in the income statement for 2018 as income or loss under "discontinued operation"?

a. 4,500,000 loss

b. 5,000,000 income

c. 500,000 loss

d. 500,000 income

Reference no: EM132817750

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