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Understanding the Significance of Asset Impairment Losses and Gains on Disposal Liz Claiborne Inc. reported $145 million of Income from Operations for its year ended December 31, 2011. This income included a gain on sale of the Liz Claiborne family of brand names to J. C. Penney , for total proceeds of $268 million. At the time of disposal, the brand names had a book value of zero because they had been developed internally by Liz Claiborne Inc. Soon after the disposal, in January 2012, the company changed its name to Fifth & Pacific Companies to reflect the sale of its Liz Claiborne brand names. For its year ended December 28, 2013, Fifth & Pacific reported Income from Operations of $73.9 million, after deducting the following asset impairment losses: ( a ) Determine the gain on sale that Liz Claiborne reported in 2011 when it disposed of its brand names. ( b ) What would have been the company’s Income (Loss) from Operations for this year had it not sold its Liz Claiborne brand names? ( c ) Determine the Income from Operations that Fifth & Pacific would have reported in 2013 had its impairment losses been zero. ( d ) What percentage of operating income (before impairment) did the 2013 impairment losses represent?
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