On April 1, 20x1, Sparky announced its intentions to dispose of its Aviation Division which is considered a component of their business. On November 1, 20x1 the sale was complete, and Sparky received net cash proceeds of $990,000. On the date of the sale the Component's assets had a book value of $1,825,000 and its liabilities had a book value of $915,000. Sparky has a 30% tax rate Additional data for the component during their current fiscal year (Jan 1 - Nov 1, 20x1) is presented below: Net Sales Aviation 1.920,000 COGS & OPERATING EXPENSES (excluding Income Tax Expense) Aviation 1.750.000 Determine the Total Gain/Loss on Discontinued Operations (net) to be reported on Sparky's 20x1 Income Statement: O $(66,500) loss on Discontinued Operations 5175,000 gain on Discontinued Operations O $95.000) loss on Discontinued Operations 5250.000 ganon Discontinued Operations 8 18 000 COS F DU 3 . FB $ A * ) # # 3 2 % 5 & 7 4 6 8 9 0 - W { E R Y U I 0 P