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Rolling Thunder decided to discontinue its entire wholesale division (a major line of business) and to keep its manufacturing division. On September 15, it sold the wholesale division to Dylane Corp. During 2014, there were 800,000 common shares outstanding all year. Rolling Thunder's tax rate is 25% on operating income and all gains and losses (use this rate where the tax provisions are not given). Rolling Thunder prepares financial statements in accordance with IFRS, and accounts for its investments in accordance with IAS 39.

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Category:- Accounting Basics
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