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On May 1, Foxtrot Co. agreed to sell the assets of its Footwear Division to Albanese Inc. for $80 million. The sale was compl
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Answer #1

Ans A - 16.5M

Income from sell of ASSETS = 80M

Less Book value of Asset. = (48M)

Profit on sale of Asset = 32M

Less Operating loss. = (10M)

NET Profit before Tax =22M

Less:- Tax @25%. =(5.5M)

NET Income from

discontinue operations. = 16.5M

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