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05.03.2021 •
Business
On September 8, 2017, ABC Company decided to sell a division and thus the division was classified as held for sale on December 31, 2017, the company's fiscal year end. The division's loss from operations for 2017 was $2,000,000. The division's book value and fair value less cost to sell on December 31, 2017, were $3,000,000 and $2,500,000, respectively. All tax items are subject to 30% tax rate. What would ABC report in its 2017 income statement for this division
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