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Question - Jazz Company operates two restaurants, one in Boracay and one in Dakak. During 2017, the entity decided to close the restaurant in Dakak and sell the property. It is probable that the disposal will be completed early next year.
The revenue and expenses for 2017 and for the preceding two years are as follows:
2017
2016
2015
Sales-Boracay
60,000
48,000
40,000
Cost of goods sold-Boracay
26,000
22,000
18,000
Other expenses-Boracay
14,000
13,000
12,000
Sales-Dakak
23,000
30,000
52,000
Cost of goods sold-Dakak
19,000
20,000
Other expenses-Dakak
17,000
16,000
15,000
During the later part of 2017, the entity sold much of the kitchen equipment of the Dakak equipment of the Dakak restaurant and recognized a pretax gain of P15,000 on the disposal. The income tax rate is 30%.
Required - What amount should be reported as income or loss from discontinued operation for 2017?
a. 8,000 loss
b. 7,000 income
c. 5,600 loss
d. 4,900 income
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