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Profit or loss from discontinued operations

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Reference no: EM131558312

On September 1, 2016, Rock Inc. approved a plan to dispose of a segment of its business. Rock expected that the sale would occur on March 31, 2017, at an estimated gain of $350,000. The segment had actual and estimated operating profits (losses as follows):

Realized loss from 1/1/16 to 8/31/16

$(300,000)

Realized loss from 9/1/16 to 12/31/16

(200,000)

Expected profit from 1/1/17 to 3/31/17

400,000

Assume a marginal tax rate of 30%. In its 2016 income statement, what should Rock report as profit or loss from discontinued operations (net of tax effects)?

Reference no: EM131558312

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