Taylor Corporation sold Division M (a business component). It was determined that the pretax loss from the operations of Division M during the year totaled $50,000 and that a pretax gain of $125,000 was realized on the sale of the division. The tax rate is 35%.
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Required:
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In good form, prepare the appropriate section of the income statement.
What will be an ideal response?
| Results from discontinued operations: | ? | |
| ? | Loss from operations of discontinued Division M | ? |
| ? | (net of $17,500 income tax credit) | $(32,500) |
| ? | Gain on disposal of Division M (net of $43,750 income taxes) | 81,250 |
| ? | ? | $ 48,750 |
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