Hibou Ltd., a private company based in Vancouver, decided to sell its Industrial Design Divinion At the end of 2017, the plan was finalized and approved by the board of directors. The saleb anticipated to be completed by June 30, 2018. After two years of losses and heavy competition, a plan to dispose of the division was put in place. At the end of 2017, the plan was finalized and approved by the board of directors. The sale is anticipated to be completed by June 30, 2018 5437.500 Other information: Hibou's 2017 after-tax net income (excluding the results from the Industrial Design Division) was During the year, the division reported an after-tax loss of $50,000 Revenues $45,000 Expense 395,000 Management estimates that after-tax legal and audit fees of $20,000 as well as severece of $65,000 will be required to finalize the plan A portion of these costs is expected to be offset by the after-tax proceeds of $75,000 from sale of the division's assets At the beginning of the company's fiscal year 300,000 common shares were issued and outstanding. As of July 1, 2017 100,000 more shares were sold to investors Instructions Assuming the Industrial Design Division qualifies for treatment as a discontinued operation, prepare a partial income statement for Hibou for 2017. The statement should begin with income from continuing operations and include an appropriate footnote pertaining to the disposal of the Industrial Design Division Remember to include EPS