Funnies-R-Us,Inc

Funnies-R-Us,Inc.committed to sell its comic book division (a component of the business) on September 1,2014.The book value of the division's net assets was $400,000 and the fair value of the net assets was $350,000.The disposal date is expected to be June 1,2015.The division reported a net loss of $15,000 for the year ended December 31,2014.Ignoring taxes,choose the correct reporting for discontinued operations in the income statement of Funnies-R-Us,Inc. ,for the year ended December 31,2014. Income (Loss) From Gain (Loss) From Disposal
Discontinued Operations of Discontinued Operations

A) $(15,000) $ 50,000
B) $(15,000) $(50,000)
C) $-0- $(50,000)
D) $-0- $ 50,000

Correct Answer:

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