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(Solved) (Latest ver. Aug 2020) - Jamison Inc. adopted a plan to discontinue its barge division

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On November 1, 2011, Jamison Inc. adopted a plan to discontinue its barge division, which qualifies as a separate component of the business according to GAAP regarding discontinued operations. The disposal of the division was expected to be concluded by April 30, 2012. On December 31, 2011, the company's year-end, the following information relative to the discontinued division was accumulated:

Operating loss January 1- December 31, 2011 $65 million
Estimated optrating losses, Jan 1 to April 30, 2012 $80 million
Excess of fair value, less costs to sell, over book $15 million
value at December 31, 2011

In its income statement for the year ended December 31, 2011, Jamison would report a before-tax loss on discontinued operations of:

a $65 million.

b $50 million.

c$130 million.

d $145 million

 







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