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Books-R-Us, Inc. committed to sell its comic book division (a component of the business) on September 1, 2010. The book value of the division's net assets was $400,000 and the estimated selling price of the net assets was $350,000. The disposal date is expected to be june 1,2011. The division reported a net loss of $15,000 for the year ended Desember 31,2010. Ignoring taxes, choose the correct reporting for discontinued operations in the income statement of Books-R-Us,Inc., for the year ended December 31,2010.
Income (loss) from Gain (loss) from Discontinued Operations of Discontinued Operations
A. $(15,000) $ 50,000
B. $(15,000) $(50,000)
C. $-0- $(50,000)
D. $-0- $ 50,000
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For each of the following items, give an example of a business transaction that has the described effect on the accounting equation:
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