Discontinued Operations This problem is an extension of problem 11-50 In 2002, International Game Technology (IGT) acquired Anchor Gaming. After reviewing the transaction and assessing the mix of assets, IGT decided to dispose of Anchor Gaming's interest in Colorado Grande Enterprises because operation of casinos did not fit IGT's strategy. 1. The Consolidated Statement of Income for the year ended September 28, 2002 showed Income from discontinued operations, net of tax of $7,639. Footnotes disclosed this and indicated that financial statements reflected the casino operations as discontinued operations for all periods pre- sented. Yet the income statements for 2001 and 2000 showed no income from discontinued oper- ations. Discuss. 2. How might the decision to discontinue operations affect the balance sheet of IGT? 3. Total assets acquired in the transaction, other than those associated with the discontinued casino operations, were $1,673,593, including identifiable intangible assets of $231,129 and goodwill of $825,953. Comment on the distinction between identifiable intangible assets and goodwill.