Current Attempt in Progress In reporting discontinued operations, the income statement should show in a special section 1. gains on the disposal of a discontinued component. 2. losses on the disposal of a discontinued component. 1 only. 2 only. neither 1 nor 2. both 1 and 2. Concord, Inc. decided on January 1 to discontinue its telescope manufacturing division. On July 1, the division's assets with a book value of $833000 are sold for $601000. Operating income from January 1 to June 30 for the division amounted to $127000. Ignoring income taxes, what total amount should be reported on Concord's income statement for the current year under the caption, Discontinued Operations? $359000$105000loss$232000loss$127000 Comprehensive income would not include other expenses and losses. discontinued operations. dividends declared. unrealized gains on available-for-sale securities. The discontinued operations section of the income statement refers to the income or loss on products that have been completed and sold. obsolete equipment and discontinued inventory items. the disposal of a significant component of a business. discontinuance of a product line. Vertical analysis is also known as perpendicular analysis. trend analysis. straight-line analysis. common size analysis