Business, 16.10.2021 14:00 jademckinziemea
Family Fashions Corporation discontinued Kid-Choice, its entire line of children's clothing, in November of the current year. Prior to the disposal, Kid-Choice generated a loss of $600,000 (net of tax) for the period from January through the sale date. Because of the value of the real estate and machinery, there was a gain of $850,000 (net of tax) on the actual sale. How should this situation be reported in the financial statements of Family Fashions for the current year?
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