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How much will be reported as income from ordinary activities

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Question - On September 1, 2022, Curly Company approved a formal plan to sell a business segment. The sale will occur in February 2023. The segment had operating income of P5,000,000 from January to August 31, and P1,000,000 for the remainder of the year 2018. During 2022, the company paid employees severance and relocation costs of Pzoo,ooo as a direct result of the discontinuing operation. The carrying amount of the segment was $8,000,000 and the recoverable amount was P10,000,000. The income tax rate is 30%. How much will be reported as income from ordinary activities of the discontinued segment, net of tax, for the year 2022?

Reference no: EM133138486

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