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On October 15,2016,Jackson entered into a tentative agreement to sell assets of one its division. The division qualifies as a component of an entity as defined by GAAP. the division was sold on December 31,2016, for 5,000,000. Book vallue of the division was 4,400,000. The division contribution to Jackson operating income before tax for each year was as follows:
2016 400000 was loss
2015. 300000 was loss
Assume income tax rate of 40%
Required:
1. prepare revised income statement according to GAAP, beginning with income from continuing operations before income taxes. Ignore EPS disclosurrd.
2. Assume that by Decrmber 31, 2016 the division had not yet been sold but was condidered held for sale. The fair value of the division assets on decembet 31 was 5,000,000. How would the prepresentation of discontinued operation be different from your answer to requirement 1.
Irvin Corporation's mixing department began January 2011 with 10,000 gallons of product 40 percent completed in process. During January, Irvin started 100,000 gallons of new product, of which 15,000 gallons remained in ending inventory.
Which of the following temporary differences creates a current deferred tax liability?
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