On June 30, 2002. top management of Garrison Manufacturing Co. decided to dispose of an unprofitable business segment. A loss of \($110,000\) associated with the segment was incurred during the first 6 months of 2002, prior to management s decision.

Between July 1 and November 30, an additional \($20,000\) loss was incurred in phasing out the segment. The plant facilities associated with the business segment were sold on December 1, and a \($15,000\) gain was realized on the sale of the plant assets.

(a) Assuming a 30% tax rate, what will be the gain or loss from operating the discontinued segment?

(b) What will be the gain or loss on disposal of the business segment?

(c) Prepare the discontinued operations section of Garrison Manufacturing Co.'s income statement for the year ending December 31, 2002.

(d) What additional information about the discontinued segment would be provided by Garrison Manufacturing if it were reporting using the accounting standards of the United Kingdom?