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Broad Corporation decided on January 1, 2019 to discontinue its toy-making division. The division, properly identified as a reportable segment, was sold on August 1,
Broad Corporation decided on January 1, 2019 to discontinue its toy-making division. The division, properly identified as a reportable segment, was sold on August 1, 2019. Division assets with a carrying value of $950,000 were sold for $1,150,000. Operating loss from January 1, to July 31, 2019 for the division amounted to $250,000, before income tax. Income taxes are at the rate of 30%. What amount should be reported on Broad's income statement for the year ended December 31, 2019 under the caption "discontinued operations"?
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