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Wiley GAAP 2008 by Colorado Steven M. Bragg Englewood, Ralph Nach American Express Tax and Business Inc., Barry J. Epstein

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Case 1

Software Solutions Plus decides to exit the game business and commits to a plan to sell the children's game line. The assets and liabilities of the product line are classified as held‐for‐sale at that date. Software Solutions Plus will have no continuing involvement with the children's game software after the sale is closed. In addition, Software Solutions Plus has decided that it will not develop any new computer games for the children's market. In this case, the conditions are met to report the children's game line as a discontinued operation.

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