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What is the amount of net income desert will report

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Reference no: EM132821293

Problem 1: Desert Company decided in 2021 to dispose of their Ocotillo Division. The sale will not be completed until 2022. During 2021, the Ocotillo Division reported a loss on operations of $41,836. The carrying value of the Ocotillo Division at December 31, 2021, is $416,304. The fair value of the division is estimated to be $548, 105 and estimated selling costs are $20,537. Desert has calculated Income from Continuing Operations to be $850,000. Assume a 30% tax rate. What is the amount of net income Desert will report on its year-end 2021 income statement?

Reference no: EM132821293

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