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What would Jacob report in its income statement

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Problem - On September 1, 2021, Jacob Furniture Mart enters into a tentative agreement to sell the assets of its Office Furniture division. This division qualifies as a component of the entity according to GAAP regarding discontinued operations. The division's contribution to Jacob's operating income for 2021 was a $2.90 million loss before income tax. Jacob has an average tax rate of 25%.

Assume that Jacob sold the division's assets on December 31, 2021, for $23.90 million. The book value of the division's assets was $18.91 million at that date.

Required - What would Jacob report in its 2021 income statement regarding the Office Furniture division?

Reference no: EM132846888

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