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What should be reported as pretax loss from the discontinued

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Reference no: EM132810018

On May 1,2020, Harlet Comoany approved a plan to dispose of a business segment. It is expected that the sale will occur on March 31,2021.

  • On December 31,2020, the carrying amount of the assets of the segment was P2,000,000 and the fair value less cost of disposal was P1,800,000.
  • During 2020,the entity paid employee severance and relocation costs of P100,000 as a dirwct result of the discontinued operation.

The revenue and expenses of the discontinued segment during 2020 were:

                                      Revenue                   Exepense
Jan. 1 to Apr.30.   1,500,000                   2,000,00
May 1to Dec.31.      700,000                        900,000

Problem 1: What should be reported as pretax loss from the discontinued segment for 2020?

Reference no: EM132810018

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