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Habou Ltd., a private company based in Vancouver, decided to sell its Industrial Design Division. After two years of losses and heavy competition, a plan to dispose of the division was putin place. At the end of 2020, the plan was finalized and approved by the board of directors. The sale is anticipated by June 30, 2021.
Other information:
Instructions
Question 1: Assuming the Industrial Design Division qualifies for treatment as a discontinued operation, prepare:
Question 1.a: A partial Income statement for Hibou for 2020. The statement should begin with income from continuing operations and;
Question 1.b: An appropriate disclosure footnote pertaining to the disposal of the Industrial Design Division.
When using data from a segmented income statement, the dollar sales for a segment to break even is equal to:
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