Reference no: EM132888850
An entity reported the following information for the year ended December 31, 2020:
Sales 7,750,000
Cost of goods sold 2,400,000
Administrative expenses 700,000
Loss on sale of equipment 100,000
Sales commissions 500,000
Interest revenue 450,000
Freight out 150,000
Loss on early extinguishment of long-term debt 200,000
Doubtful accounts expense 150,000
Problem 1: What is the income from continuing operations for 2020?
a. 4,000,000
b. 3,800,000
c. 2,800,000
d. 2,600,000
Problem 2: What net amount of loss should be reported as results of discontinued operations for 2020?
a. 1,500,000
b. 1,700,000
c. 1,050,000
d. 1,400,000
Problem 3: What is the net income for 2020?
a. 2,500,000
b. 1,750,000
c. 1,400,000
d. 1,540,000
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