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6 May, 2015 - 17:10

When a segment of a business is disposed, a gain or loss may be realized. This gain or loss should be reported on the income statement under discontinued operations. It is customary to report the results of continuing operations first. In addition to gain or loss information, the following should also be disclosed in the financial statements: the disposal date, which assets and liabilities were effected, the manner of disposal, and the identity of the segment.