Daniel Inc, Board of Directors has decided to eliminate the company's Scandinavian Divison. At the end of the year, the following is known: Sales Revenue (including $10,000 for component) Cost of Goods Sold (including $7,000 for component) Operating Expenses (including $4,000 for component) $125,000 $65,000 $20,000 At the time, 10/1 of this year, the BOD voted to discontinue the component, the net assets of Daniel Inc. were $120,000. Expected sales price was $110,000 and expected selling costs were $5,000. On 11/1 this year, the component was actually sold for $115,000 (after selling costs). The company's Tax rate is 20%. 1. What amount should ABC report as Income from Continuing Operations on its Income Statement (ending the current year)? (1 point) 2. What amount should ABC report as Discontinued Operations on its Income Statement (ending the current year)? Show each part of the computation separately in the answer below without the tax impact. Show all three parts. 3. What amount should be reported for Discontinued Operations on the Income Statement?

Daniel Inc, Board of Directors has decided to eliminate the company's Scandinavian Divison. At the end of the year, the following is known: Daniel Inc, were $120, discontinue the component, the net assets of $5,000. On 11/1120,000. Expected sales price was $110,000 and expected selling costs were company's Tax rate is 20%. 1. What amount should ABC report as Income from Continuing Operations on its Income Statement (ending the current year)? (1 point) 2. What amount should ABC report as Discontinued Operations on its Income Statement (ending the current year)? Show each part of the computation separately in the answer below without the tax impact. Show all three parts. 3. What amount should be reported for Discontinued Operations on the Income Statement