On May 1, 2014, Wheaton Company decided to dispose of its foreign sales operations (considered a major class of customer). The component was sold on November 24, 2014, for $1,000,000 resulting in a $96,000 loss on the sale. The foreign sales operations recorded a $300,000 operating profit in 2014 up to the date of sale. Wheaton Company is subject to a 30% income tax rate.
Required:
Prepare the results from discontinued operations section of Wheaton Company's income statement for 2014.

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The Answer of On May 1, 2014, Wheaton Company decided to dispose of its foreign sales operations (considered a major class of customer). The component was sold on November 24, 2014, for $1,000,000 resulting in a $96,000 loss on the sale. The foreign sales operations recorded a $300,000 operating profit in 2014 up to the date of sale. Wheaton Company is subject to a 30% income tax rate.
Required:
Prepare the results from discontinued operations section of Wheaton Company's income statement for 2014.

On May 1, 2014, Wheaton Company Decided to Dispose of Its