Scott Corporation sold a fixed asset used for operations for greater than its carrying amount.
Scott should report the transaction in the income statement using the:
a. Gross concept, showing the proceeds as part of revenues and the carrying amount as part of expenses in the continuing operations section.
b. Net concept, showing the total amount as an extraordinary item, net of income taxes.
c. Net concept, showing the total gain as part of discontinued operations, net of income taxes.
d. Net concept, showing the total gain as part of continuing operations, not net of income taxes.
Answer: D