Which of the following is a required disclosure in

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Intermediate Accounting: Reporting and Analysis
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Chapter 5 / Exercise 5-7
Intermediate Accounting: Reporting and Analysis
Jones/Wahlen
Expert Verified
41. Which of the following is a required disclosure in the income statement when reporting the disposal of a component of the business? a. The gain or loss on disposal should be reported as an extraordinary item. b. Results of operations of a discontinued component should be disclosed immediately below extraordinary items. c. Earnings per share from both continuing operations and net income should be disclosed on the face of the income statement. d. The gain or loss on disposal should not be segregated, but should be reported together with the results of continuing operations. 42. When a company discontinues an operation and disposes of the discontinued operation (component), the transaction should be included in the income statement as a gain or loss on disposal reported as 43. Income taxes are allocated to 44. Which of the following is true about intraperiod tax allocation? To download more slides, ebook, solutions and test bank, visit
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Intermediate Accounting: Reporting and Analysis
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Chapter 5 / Exercise 5-7
Intermediate Accounting: Reporting and Analysis
Jones/Wahlen
Expert Verified
Test Bank for Intermediate Accounting, Twelfth Edition 4 - 10S 45. A material item which is unusual in nature or infrequent in occurrence, but not both should be shown in the income statement Net of TaxDisclosed Separately a. No No b. Yes Yes c. No Yes d. Yes No S 46. Earnings per share should always be shown separately for P47. A correction of an error in prior periods' income will be reported In the income statementNet of tax

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