Ch 4 Homework (40 points 25 Kandon Enterprises Inc. has two operating divisions, one manufactures machinery and the other breeds and sellis horses. Both divisions are considered separate components defined by generally accepted accounting principles The horse division has been unprofitable, and, on November 15, 2021. Kandon adopted a formal plan to sell the division. The sale was completed on April 30, 2022. At December 2021, the component was considered held for sale points On December 31, 2021, the company's fiscal year-end, the book toe of the assets of the horse division was $240,000 On that date, the fair value of the assets, less costs to set was 5200.000 The before tax loss from operations of the division for the year was $140,000 The company's effective tax rate 25% Theater tow income from continuing operations for 2021 was $400.000 eBook Hint Required: 1. Prepare a partial encome statement for 2021 beginning with income from continuing operations, ignore EPS disclosures 2. Prepare a partial income statement for 2021 beginning with income from coming operations. Assume that the estimated netfair value of the horse division's mises was $400.000 instead of $200,000. Ignore EPS disclosures Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare a partial income statement for 2021 beginning with income from continuing operations. Ignore EPS disclosures. (Amounts to be deducted should be indicated with a minus sign) Show less KANDON ENTERPRISES, INC Partial Income Statement For the Year Ended December 31, 2021 Income from continuing operations Discontinued operations gain (1063 Loss from operations of discontinued component Income tax bone Net Income foss Required 2 > Ch 4 Homework 40 points) 25 Kandon Enterprises, Inc. has two operating divisions one manufactures machinery and the other breeds and sells horses. Both Misions are considered separate components as defined by generally accepted accounting principles The horse division has been unprofitable, and, on November 15, 2021. Kandon adopted a formal plan to sell the division. The sale was completed on April 30, 2022 At December 31, 2021 the component was considered held for + points eBook On December 31, 2021, the company's fiscal year-end, the book value of the assets of the horse division was $240.000 On that date, the fair value of the assets, less costs to sell was $200,000. The before tax loss from operations of the division for the year was 5140.000. The company's effective tax rate is 25% The after tax income from continuing operations for 2021 was $400,000 Required: 1. Prepare a partial income statement for 2021 beginning with income from continuing operations incre EPS 2. Prepare a partial income statement for 2021 beginning with income from continuing operations. Assume that the estimated netfair value of the horse division's assets was $400.000, instead of $200.000. gore EPS disclosures 8 Hint Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare a partial income statement for 2021 beginning with income from continuing operations. Assume that the estimated netfair value of the horse division's assets was $400,000, instead of $200,000. Ignore EPS disclosures. (Amounts to be deducted should be indicated with a minus sign.) Show less KANDON ENTERPRISES, INC Partial Income Statement For the Year Ended December 31, 2021 Income from continuing operations Discontinued operations gain (lossy Net Income foss) Required 1 Red