Help Save& Exit During its 2018 fiscal year, Jacobsen Corporation reported befor

Question

Help Save& Exit During its 2018 fiscal year, Jacobsen Corporation reported before-tax income of $634,000. This amount does not include the folowing two tems, both of which are considered to be material in amount Unusual gain Loss on discontinued operations $214,000 (314,000) The company's income tax rate is 30% Jacobsen Corporation prepares its financial statements applying US GAAP In its 2018 income statement, Jacobsen would report income from continuing operations of Mutiple Choice $443.800 3 4 5 6 8 9

Explanation / Answer

Income from Continuing Operation is $ 634,000 Befor tax and $ 443,800 After Tax (i.e. 634,000 - 30% Income Tax)

Because was per US GAPP the unusal Gain And loss on discountinued opration should not be part of the income from continuing opration they will have to classify as the income form discontinuing oprtaion or other as per US GAPP

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