On may 1, year 1, carty corp. properly classified as held for sale an asset group that qualified as a component of the entity. furthermore, the transaction met the criteria for reporting the results of operations of the component in discontinued operations. the component’s operating loss was $100,000 for the period from may 1, year 1, to the september 1, year 1, disposal date, without regard to a $480,000 loss on disposal and a $300,000 writedown to fair value minus cost to sell of the assets to be sold. a $120,000 operating loss was incurred from january 1, year 1, through april 30, year 1.
before income taxes, what amount should be reported in carty’s income statement for the year ended december 31, year 1, as the loss from discontinued operations?

a. $700,000
b. $520,000
c. $1,000,000
d. $880,000

On december 31, 2016, the decarreau, andrew, and bui partnership had the following fiscal year-end balance sheet: cash $10,000accounts receivable $20,000inventory $25,000plant assets - net $30,000loan to decarreau $18,000total assets $103,000accounts payable $14,000loan from bui $15,000decarreaua, capital (20%) $32,000andrew, capital (10%) $23,000bui, capital (70%) $19,000total liab./equity $103,000the percentages shown are the residual profit and loss sharing ratios. the partners dissolved the partnership on january 1, 2017, and began the liquidation process. during july the following events occurred: * receivables of $18,000 were collected.* all inventory was sold for $15,000.*all available cash was distributed on january 31, except for$8,000 that was set aside for contingent expenses.the book value of the partnership equity (i.e., total equity of the partners) on december 31, 2016 isa. $58,000b. $71,000c. $66,000d. $81,000