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What amount should be reported as loss for xo company

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Problem 1: On December 31, 2018, XO Company committed to a plan to discontinue operations of Underwear Division. The entity estimated that the division's operating loss for 2019 would be P500,000 and that the fair value of the facilities was P300,000 less than carrying amount on December 31, 2018. The division's operating loss for 2018 was P1,400,000 and the division was actually sold for P400,000 less than carrying amount in 2019. Th tax rate is 30%. What amount should be reported as loss from discontinued operation in 2018?

a. 1,700,000

b. 1,190,000

Reference no: EM132817756

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