Clements Ltd. decided on January 1, 2020 to discontinue its plastic-making division. The division, properly identified as a reportable segment, was sold on June 1, 2020 to Peterson Ltd. The facts pertaining to the sale are as follows:

Division assets carrying values at January 1, 2020 were $425,000

Division assets estimated fair values at January 1, 2020 were $390,000

Purchase price paid by Peterson Ltd. was $330,000

Operating income from January 1, to May 30, 2020 for the division amounted to $78,000.

Clements Ltd. income taxes are at the rate of 30%.

Required:

Prepare the note for discontinued operations that would disclose the amount that should be reported on Clements' income statement for the year ended December 31, 2020 under the caption "discontinued operations"?