Exercise 4-8 (Algo) Discontinued operations; disposal in subsequent year [LO4-4] Kandon Enterprises: Incorporated, has two operating divisions, one manufactures machinery and the other breeds and seils horses. Both divisions are considered separate components as defined by generally accepted accounting principles. The horse division bas been unprofitable, and, on November 15, 2024. Kandon adopted a formal plan to sell the division. The sale was completed on April 30 , 2025. At December 31, 2024, the component was considered held for sale. Consider the following: - On December 31, 2024, the company's fiscal yearend, the book value of the assets of the horse division was $460,000,0n that date, the fair value of the assets, less costs to sell, was $400,000. - The beforetax loss from operotions of the division for the year was $340,000. - The after-tax income from continuling opecations for 2024 was $600,000. - The company's effective tax rate is 25%. Required: 1. Prepare a paitial income statement for 2024 beginning with income from continuing operations. Ignore EPS disclosures: 2. Prepare a partial income statement for 2024 beginning with income from continuing operations. Assume that the estimated net fair value of the horse division's assets was $800,000, instead of $400,000. lgnore EPS disciosures. Complete this question by entering your answers in the tabs below. Prepare a partial income statement for 2024 begining with income from contiouing eperations, Assume that the estimated Iali value of the horse division's assets was $800,000, instead of $400,000. Ignore EPS disclosures. Complete this question by entering your answers in the tabs below. Prepare a partial income statement for 2024 beginning with income from continuing operations. Assume that the estimated net fair value of the horse division's assets was $800,000, instead of $400,000. Ignore EPS disclosures. Note: Amounts to be deducted should be Indicated with a minus sign. falr value of the horse division's assets was $800,000, instead of $400,000. Ignore EPS disclosures. Complete this question by entering your answers in the tabs below. Prepare a partial income statement for 2024 beginning with income from continuing operations. Ignore EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign