In February 2020, Captain Crunch, Co. decided to discontinue one of its manufacturing operations, the Crunch Berry Division. The announcement was made on March 1, 2020 and the facility ceased operations on October 31, 2020. The income (loss) earned from continuing operations of the Crunch Berry Division were as follows:

January 1 2020 - February 28, 2020$290,000

March 1, 2020 - October 31, 2020(442,000)

Information pertaining to the disposal of Crunch Berry Division's assets is:

Asset

Book Value Date of Sale Fair Value Date of Sale Date Sold

Equipment $1,200,000 $980,000 Nov. 20, 2020

Building 800,000 1,100,000 March, 1, 2020*

*proposed date of sale, asset met held for sale criteria as of 12-21-2020

The tax rate for 2020 was 35%. Captain's fiscal year end is December 31.

In its 2020 income statement, what would Captain report for each of the following:

1.Income (loss) from discontinued operations?

2.Income (loss) from disposal of assets of a discontinued operation?