Incorrect Question 1 USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (8) QUESTIONS: 0/1 pts On August 1, 20x1, Desert, Inc. adopted a plan to discontinue its children's clothing division, which qualifies as a component of the business according to GAAP. The disposal of the division was expected to be concluded by March 30, 20x2. On December 31, 20x1, Desert's fiscal year-end, the following information relative to the discontinued operation was accumulated: Operating Income (pre-tax) of the Component for Jan 1 - Dec 31, 20x1 $ 658,000 Net Book Value of the Component at Dec 31, 20x1 Fair Value of the Component (Estimated Selling Price) Estimated Disposal Costs Income Tax Rate 3,575,000 3,600,000 120,000 30% Because the sale was not complete by December 31, 20x1, Desert had to test the component for impairment. Determine the Impairment Loss (net of tax), that Desert would report in their 20x1 footnotes (if any): [Note: If you determine there is an impairment loss, enter your answer as a negative number using () or a minus sign. For example: if you determine the impairment loss is $200,000, then after tax would be $140,000. Enter your answer as (140,000) or -140000.] *Do not use a dollar sign in recording your answer. 66500