Reference no: EM132912868
Question - 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
Required - 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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