5. Chace Co. had the following non-routine transactions during 2019: A $300,000 gain from selling its automotive division. A $420,000 loss on the sale of investments. A $140,000 loss on the write-down of inventories. A $280,000 income from discontinued operations In its 2019 income statement, what amount should Chace report as other income and expense? A. $20,000 B. $(120,000) C. $(260,000) D. $260,000 6. In 2020, Fanze Corporation reported a discontinued operations loss of $4,000,000, net of tax. It declared and paid preference dividends of $200,000 and ordinary share dividends of $600,000. During 2020, Fanze had a weighted average of 800,000 ordinary shares outstanding. Compute the effect of the discontinued operations loss, net of tax, on earnings per share. A. $3.00 B. $3.50 C. $4.75 D. $5.00 7. On Jan 2, 2019, PP Inc. purchased a piece of land with a cost $540,000. At December 31, 2019 and December 31, 2020, the following is available for impairment testing: Fair value less costs to sell Value-in-use 12/31/2020 $545,000 $530,000 12/31/2019 $520,000 $535,000 The 2020 income statement will report: A. No Impairment Loss or Recovery of Impairment. B. Impairment Loss of $10,000. C. Recovery of Impairment Loss of $15,000. D. Recovery of Impairment Loss of $5,000