Reference no: EM132833750
In 2015, Laetner Industries decided to discontinue its Laminating Division, a separately identifiable component of Laetner's business. At December 31, Laetner's year-end, the division has not been completely sold. However, negotiations for the final and complete sale are progressing in a positive manner, and it is probable that the disposal will be completed within a year.
Analysis of the records for the year disclosed the following relative to the Laminating Division.
Operating loss for the year.......................................................................................................$89,900
Loss on disposal of some Laminating Division assets during 2015............................5,000
Expected operating loss in 2016 preceding final disposal............................................45,000
Expected gain in 2016 on disposal of division...............................................................20,000
Instructions:
Problem 1: Assuming a 35% tax rate, make the Discontinued Operations section of Laetner Industries' income statement for the year ending December 31, 2015.
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