Lynn Company sells a component of its business in the middle of the year on the date of sale the net proceeds receives were less than the aggregated book value of the components net asset the component was operating at a loss from the beginning of the year in addition Lynn had one of its manufacturing plants destroyed by an earthquake during the year earthquakes are not uncommon in lens operating environment required $1$ explain how Lynn should report discontinued operations of components of its business on its income for this Year.

$2$ Explain how Lynn should report the loss from the earthquake on the income statement for the year