Charming Charlie's, Inc

question 8

Multiple Choice

Charming Charlie's, Inc. is going to discontinue one of its manufacturing divisions. At the time of discontinuance, the division's assets with a book value of $1,000,000 are sold for $750,000 and operating income amounted to $145,000. Ignoring income taxes, what total amount should be reported on the income statement as discontinued operations?

• A) $105,000 loss
• B) $250,000 loss
• C) $395,000 loss
• D) $145,000 gain

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