Consider the following information regarding the discontinued operations of Sidd

Question

Consider the following information regarding the discontinued operations of Siddhartha Co. was made available at 12/31/18. The company declared their intention to discontinue the operation in March and had yet to sell it by year-end. Book value of assets$4,320,000 Fair value of assetsS4,500,000 4,210,000 429,000 3,900,000 Fair value of liabilities Book value of liabilities Costs to dispose 75,000 Loss from continuing operations The company sold the discontinued operation in February of 2019 for $395,000. Determine the net of tax gain (loss) recognized by Siddhartha Co. a. ($95,000) b. ($57,000) c. $63,000 d. $105,000 e. Not enough information to determine.

Explanation / Answer

Answer: ( e) not enough information to determine

Because, the business is sold in feb. And information is given about the business till december. Thus, information about asset and liability are required till feb,2019.

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.