Chance Company had two operating divisions, one manulacturing farm equipment and the other olfice supplies. Both divisions ite considered separale components as defined by senerally aceepted accounting prinesiples. The furm equipment component had been unprofitable, and on September 1, 2021, the company adopted aplan to sell the assets of the division. The actual sale was compleied on December is, 2021, at a peice of $600,000. The book value of the division's assets was 51,000,000, resulting in a beforetax loss of $400,000 on the sale: The divilon incurred ia begie cax operating loss from operations of $120,000 irom the beginning of the year through December 15. The income taxcrate is 252. Chance's aftertax incoune from its continuine ogenations is $550.000. Required: Prepare in income statement for 2021 beginning with income from continuing operathons. Include apahepriate fips disclosures asuming that 100000 shans of common stack were outstanding throuphoot the year