Needs to be in this format below with steps please:

Income from Cont. Ops before Tax $___

Income Tax Expense ___

Income from Cont. Ops (after tax) $500,000

Disc Ops

Loss on Disc. Ops (including ___ gain on sale)

Tax Savings/Benefit ___

Net Loss on Disc. Ops ___

Net Income $___

EPS:

Continuing Ops $___

Disc. Ops $___

Net Income $___

Exercise 4.2 Discontinued Operations with EPS The Bilibong Company had three distinct operating divisions, each of which qualifies as a separate component. The sports equipment division had been unprofitable, and on June 1, 2018, the company adopted a plan to sell the assets of the division. The actual sale was completed on December 3, 2018, at a price of $1,200,000. The sale resulted in a before-tax gain of $300,000. The division incurred before-tax operating losses of $380,000 from the beginning of the year through December 3. The income tax rate is 40%. Bilibong's after-tax income from its continuing operations is $500,000. Required: Prepare an income statement for 2018 beginning with income from continuing operations before tax. Include appropriate EPS disclosures assuming 200,000 shares of common stock were outstanding throughout the year