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Prepare discontinued operations section of income statement

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Reference no: EM133253591

ABC Corp, comitted to sell a division on March 22, 2022. It sold the division on June 14, 2024.

Income from operating this divisio was $2,408,000, $829,600 and $247,200 in 2022, 2023 and 2024, respectively. On December 31, 2022, the carrying value of the division was $7,080,000 and the fair value was &7,000,000. On December 31, 2023, the fair value of the division was $7,160,000 and the carrying value of the division was $7,080,000. The division was sold for $6,880,000 when the carrying value was $7,080,000

Prepare the discontinued operations section of the income statement for 2022 throuh 2024, assuming ABC Corp's income tax rate is 20%

Reference no: EM133253591

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