Suppose that the Footwear Division's assets had not been sold by December 31, 2009, but were considered held for sale. Assume that the fair value of these assets at December 31 was $40 million. In the 2009 income statement for Foxtrot Co., it would report a loss from discontinued operations of:
A)$ 3 million loss
B)$ 10 million loss
C)$10.8 million loss
D)$ 18 million loss 60% (i.e., 1 tax rate) $18 million loss ($8 million impairment loss on Footwear's assets + $10 million operating loss = $18 million pretax loss).

Question

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The Answer of Suppose that the Footwear Division's assets had not been sold by December 31, 2009, but were considered held for sale. Assume that the fair value of these assets at December 31 was $40 million. In the 2009 income statement for Foxtrot Co., it would report a loss from discontinued operations of:
A)$ 3 million loss
B)$ 10 million loss
C)$10.8 million loss
D)$ 18 million loss 60% (i.e., 1 tax rate) $18 million loss ($8 million impairment loss on Footwear's assets + $10 million operating loss = $18 million pretax loss).

Suppose That the Footwear Division's Assets Had Not Been Sold