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What amount should be reported as income from discontinued

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Reference no: EM132808729

On October 1,2020, Lann Company approved a formal plan to sell a business segment. The sale will occur on March 31,2021. The segment had income of P 2,500,000 from January 1 to December 31,2020.

  • On December 31,2020, the carrying amount of the asset of the segment was P4,000,000 and the fair value less cost of disposal was P3,500,000. Tge income tax rate is 30%.

Problem 1: What amount should be reported as income from the discontinued segment for 2020?

Reference no: EM132808729

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