Solution-What amount should be reported as income from

What amount should be reported as income from discontinued

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Reference no: EM132808729

On October 1,2020, Lann Company approved a formal plan to sell a business segment. The sale will occur on March 31,2021. The segment had income of P 2,500,000 from January 1 to December 31,2020.

On December 31,2020, the carrying amount of the asset of the segment was P4,000,000 and the fair value less cost of disposal was P3,500,000. Tge income tax rate is 30%.

Problem 1: What amount should be reported as income from the discontinued segment for 2020?

Reference no: EM132808729

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What amount should be reported as income from discontinued

Reference no: EM132808729

Reference no: EM132808729

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