$ 980 Majestic Homes Corporation Income Statement For the Year Ended December 31, 2018 Sales Cost of Goods Sold Gross Profit Selling Expenses General and Administrative Expenses Other Revenues and Expenses (100) 880 (50) (120) (40) Loss on Asset Impairment Income Before Tax 645 (258) Income Tax Expense (at 40%) 387 Net Income Il The mobile home division accounts for 20% of sales, cost of goods sold, selling, and general and administrative expenses. Assume no gain or loss on remeasurement of the division. Majestic Homes Corporation provided the following statement of net income on December 31, 2018, before the disposal of a business segment. The income statement includes the results of operations of Majestic's mobile home division. The company made a commitment to dispose of the mobile home division on December 1, 2018 (Click the icon to view the December 31, 2018 statement of net income before the disposal of the mobile home division.) Requirement Prepare the multiple-step income statement for 2018 only, assuming that Majestic sells the segment on December 31 at a $140 pretax loss. Round to the nearest dollar. (Use the condensed income statement format and assume the company is subject to a 40% income tax rate. Round your answers to the nearest whole dollar. Use parentheses or a minus sign to enter any loss amount.) Majestic Homes Corporation Statement of Net Income For the Year Ended December 31, 2018 Sales Less: Cost of Goods Sold Gross Profit 1 Operating Expenses: Selling Expenses L50 General and Administrative Expenses 880 | Income From Continuing Operations Before Tax Operating Income Other Revenues and Expenses Loss on Asset Impairment Income From Continuing Operations Income From Operations of Discontinued Segment, Net of Tax Net Income