Business, 06.04.2021 01:00 imjustdumbsis

A food and beverage company with the following divisions: Candy Bars, Beverages, and Snack Foods. Because of changing consumer tastes, the Snack Foods division has reported operating losses for the past three years, and Fox Co. has decided to sell that division. In July 2020, the Board of Directors approved a sale to take place in March 2021. Each division qualifies as a component of an entity. Company's reported pre-tax income from all of its operations (including the Snack division) of $100,000,000 for the year ended 12/31/20. The operating loss related to the Snack division in 2020 was ($20,000,000). The book value of the Snack division exceeded the market value by $500,000. Fox Co's income tax rate is 30%.

Required:
What is Company's 2020 Income from Discontinued Operations reported on the income statement?

a. Loss of $14,350,000
b. Loss of $20,500,000
c. Income of $79,500,000
d. Loss of $7,000,000

Answers: 1

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A food and beverage company with the following divisions: Candy Bars, Beverages, and Snack Foods. Be...

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