Exercise 4.2 - Discontinued Operations with EPS The Bilibong Company had three distinct operating divisions, each of which qualifies as a separate component. The sports equipment division had been unprofitable, and on June 1, 2018, the company adopted a plan to sell the assets of the division. The actual sale was completed on December 3, 2018, at a price of $1,200,000. The sale resulted in a before-tax gain of $300,000. The division incurred before-tax operating losses of $380,000 from the beginning of the year through December 3, The income tax rate is 40%. Bilibong's after-tax income from its continuing operations is $500,000. Required: Prepare an income statement for 2018 beginning with "income from continuing operations before tax." Include