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14 July, 08:42

On June 30, 20X1, Mill Corp. incurred a $100,000 net loss from disposal of a business segment. Also, on June 30, 20X1, Mill paid $40,000 for property taxes assessed for the calendar year 20X1. What amount of the foregoing items should be included in the determination of Mill's net income or loss for the six-month interim period ended June 30, 20X1

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  1. 14 July, 11:20
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    Mill's loss for six month = $80000

    Explanation:

    given data

    net loss = $100000

    property taxes = $40000

    to find out

    Mill's net income or loss for six month

    solution

    we know here that net loss from disposal business is $100000

    and we have given property taxes $40000 for 1 complete year

    so here property taxes for 6 month = $40000 / 2

    property taxes for 6 month = $20000

    so here Mill's loss for six month = net loss - property taxes for 6 month

    put here value

    Mill's loss for six month = $100000 - $20000

    Mill's loss for six month = $80000
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