Exercise 4-6 (Algo) Discontinued operations LO4-4, 4-5 Chance Company had two operating divisions, one manufacturing farm equipment and the other office suppliesBoth divisions are considered separate components as defined by generally accepted accounting principles. The farm equipment component had been unprofitable, and on September 1, 2024, the company adopted a plan to sell the assets of the division Consider the following The actual sale was completed on December 15, 2024, at a price of \$630.000 The book value of the division's assets was $1,070,000, resulting in a before -tax loss of $440,000 on the sale division incurred a beforetax operating loss from operations of $160,000 from the beginning of the year through December 15 Chance's after-tax income