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How much the total was won by Maria in the lottery prize

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Q1. Maria won the lottery prize for her town and agreed to receive $ 1,104.68 at the beginning of each month for the next 10 years. Assuming an annual interest rate of 6%, Determine how much the total was won by Maria in the lottery prize.

Q2. On June 1, 2020, ABC enters into an agreement to sell the assets of its office equipment division. This division qualifies as a component of the entity according to GAAP regarding discontinued operations. The division's contribution to ABC's operating income for 2020 was a $ 3 million loss before taxes. ABC has an average tax rate of 40%. ABC sold the division's assets on December 31, 2020, for $ 19 million. The book value of the division's assets was $ 24 million at that date.

Under these assumptions, what would ABC report in its 2020 income statement regarding the office equipment division? Explain where this information would be presented and show all work to receive full credit.

Reference no: EM132595772

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