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Bubble Tea Corporation operates several stores in Ontario (Toronto, Mississauga, Oakville, Barrie and Huntsville). The restructuring of its organization on November 20, 2020, has led to the decision to sell its Huntsville store.
In preparing financial statements at December 31, 2020, the following information was made available:
Required
Question 1. The Huntsville operation qualifies for reporting as a discontinued operation. What amount should be reported in the discontinued operations section of Bubble Tea's 2020 income statement?
Question 2. In early 2021, the Huntsville operation is sold for $8.5 million, with actual costs to sell of $400,000. Additional disposal costs related to the sale are $500,000. The operation lost an additional $150,000 before it was sold. What amount should be reported in the discontinued operations section of Bubble Tea's 2021 income statement?
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