Which of the following statement is correct? A. Correction of an error related to a prior period should be considered as an adjustment to current year income. B. A change from expensing certain costs to capitalizing these costs due to an employee mistake should be handled as a change in accounting estimate C. Prior statements should be restated for changes in accounting estimates D. Changes in accounting principle are sometimes handled in the current or prospective period.

Chance company had two operating divisions, one manufacturing farm equipment and the other office supplies. both divisions are considered separate components as defined by generally accepted accounting principles. the farm equipment component had been unprofitable, and on september 1, 2018, the company adopted a plan to sell the assets of the division. the actual sale was completed on december 15, 2018, at a price of $600,000. the book value of the division’s assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale. the division incurred a before-tax operating loss from operations of $130,000 from the beginning of the year through december 15. the income tax rate is 40%. chance’s after-tax income from its continuing operations is $350,000. required: prepare an income statement for 2018 beginning with income from continuing operations. include appropriate eps disclosures assuming that 100,000 shares of common stock were outstanding throughout the year. (amounts to be deducted should be indicated with a minus sign. round eps answers to 2 decimal places.)

%of the world's population controls approximately % of the world's finances (the sum of gross domestic products)" quizlket

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