05 ences Question 4 2.5 pts rations esources Schedule Il Campus ook On April 1, 2021 Large Machine Studio agreed to sell the assets of its Nashville Recording Division to Vespa Braun LA. The following additional facts pertain to the transaction: The Recording Division qualifies as a component of the entity according to GAAP regarding discontinued operations. The book value of Nashville Recording's assets totaled $120 million on December 31, 2021. Nashville Recording's operating pre-tax income was $180 million in 2021. Large Machine Studio's income tax rate is 20%. The acquisition was completed on Dec 31, 2021 at $300 million. In the income statement for the year ended Dec 31, 2021, Tango Co. would report discontinued operations of: $360 million loss. $288 million income. $360 million income. $288 million loss. Previous Next