Answer
Particulars | Amount |
Revenue from Operations | $ 1,340,000 |
Profit/Loss from the discontinuing Operations (Note) | $ 92,000 |
Note:
Operating income from discontinued Operation | $ 35,000 |
Gain on assets transferred (850,000 - 770,000) | $ 80,000 |
Total Income from Discontinuing operation before tax | $ 115,000 |
Less: Tax expense @ 20% | $ 23,000 |
Profit/Loss from discontinuing Operations | $ 92,000 |
In case of any doubt, please comment.
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