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On October 28, 2021, a company committed to a plan to sell a division that qualified as a component of the entity according to GAAP regarding discontinued operations and was properly classified as held for sale on December 31, 2021, the end of the company's fiscal year. The division's loss from operations for 2021 was $2,000,000.
Problem 1: The division's book value and fair value less cost to sell on December 31 were $3,000,000 and $2,500,000, respectively. What before-tax amount(s) should the company report as loss on discontinued operations in its 2021 income statement? Option 1: $2,500,000 loss Option 2: $2,000,000 loss Option 3: No loss would be reported Option 4: $500,000 impairment loss included in continuing operations and a $2,000,000 loss from discontinued operations
A refrigerator used by a meat processor has a cost of $60,000, an estimated residual value of $12,600, and an estimated useful life of 12 years. What is the amount of the annual depreciation computed by the straight-line method?
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Construct all of the required journal entries to record the sales and purchase transactions above including sales and purchase returns.
What is the expected market price per share assuming the present P/E ratio remains the same? What will earnings per share be after treasury stock acquisition?
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