a.

b.

Exercise 4-9 (Algo) Discontinued operations; disposal in subsequent year; solving for unknown (L04-4] On September 17, 2021, Ziltech, Inc., entered into an agreement to sell one of its divisions that qualifies as a component of the entity according to generally accepted accounting principles. By December 31, 2021, the company's fiscal year-end, the division had not yet been sold, but was considered held for sale. The net fair value (fair value minus costs to sell) of the division's assets at the end of the year was $17 million. The pretax income from operations of the division during 2021 was $2 million. Pretax income from continuing operations for the year totaled $20 million. The income tax rate is 25%. Ziltech reported net income for the year of $8.1 million. Required: Determine the book value of the division's assets on December 31, 2021. (Enter your answer in whole dollars not in millions.) Book value of division's assets Exercise 4-6 (Algo) Discontinued operations (L04-4, 4-5) Chance Company had two operating divisions, one manufacturing farm equipment and the other office supplies. Both divisions are considered separate components as defined by generally accepted accounting principles. The farm equipment component had been unprofitable, and on September 1, 2021, the company adopted a plan to sell the assets of the division. The actual sale was completed on December 15, 2021, at a price of $690,000. The book value of the division's assets was $1,190,000, resulting in a before-tax loss of $500,000 on the sale. The division incurred a before-tax operating loss from operations of $120,000 from the beginning of the year through December 15. The income tax rate is 25%. Chance's after-tax income from its continuing operations is $640,000. Required: Prepare an income statement for 2021 beginning with income from continuing operations. Include appropriate EPS disclosures assuming that 100,000 shares of common stock were outstanding throughout the year. (Amounts to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places.) X Answer is not complete. CHANCE COMPANY Partial Income Statement For the Year Ended December 31, 2021 Income from continuing operations Discontinued operations: Loss from operations of discontinued component $ 840,000 VISIT THIMO Gly. FUITULI UISTOISU WEIHI puce. Answer is not complete. CHANCE COMPANY Partial Income Statement For the Year Ended December 31, 2021 Income from continuing operations Discontinued operations: Loss from operations f discontinued component $ 640,000 155,000 Income (loss) on discontinued operations Net income (loss) Earnings per share: 155,000 795,000 $ 6.40 (4.65) 1.75 Net Income $