3. On January 1, 2020, Summers Corp. classified its Raleigh division as being held-for-sale. The Raleigh division had the following information available: In 2020, the division earned revenues of $9,000,000 and incurred expenses of $12,000,000 In 2020, it sold machinery used solely in the division for a gain of $600,000. Summers is subject to a 30% income tax rate. Question: Which of the following statements is correct with respect to the net amount Summers should report for the entire discontinued operations section of its multiple-step income statement for 2020? A. It should report a net after-tax loss of $1,040,000. B. It should report a net after-tax loss of $3,600,000. C. It should report a net after-tax loss of $3,000,000. D. It should report a net after-tax loss of $5,280,000. E. It should report a net after-tax loss of $2,400,000. F. It should report a net after-tax loss of $1,680,000. 4. Which of the following statements best describes where the multiple-step income statement should report amounts related to a discontinued operation? Assume the company has discontinued operations as well as items classified as OCI. A. They should be reported below the "other comprehensive income" section. B. They should be reported below the income from continuing operations" subtotal, but above the other comprehensive income" section. C. They should be reported above the "income from continuing operations" line between the gross profit and the operating income subtotals