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What net gain should be reported for discontinued operations

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Question - On December 31, Year 1, Greer Co. entered into an agreement to sell its Hart segment's assets. On that date, Greer estimated the gain from the disposition of the assets in Year 2 would be $700,000. Hart's actual operating losses were $200,000 in Year 1 and $300,000 in Year 2. The actual gain on disposition of Hart's assets in Year 2 was $650,000. Disregarding income taxes, what net gain (loss) should be reported for discontinued operations in Greer's Year 1 and Year 2 income statements?

Reference no: EM133177287

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