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On March 1, 2017, Vandelay Industries agreed to sell the assets of its manufacturing division, Latex, for $112 million. The sale was completed on November 20, 2017. The following additional facts pertain to the transaction:

* Latex qualifies as a component of the entity according to GAAP regarding discontinued operations.

* The book (carrying) value of Latex's assets totaled $67 million on the date of sale.

* Latex's operating income was a pre-tax loss of $14 million from January 1, 2017 - November 20, 2017.

* Vandelay's pre-tax income from continuing operations was $175 million for the year ended December 31, 2017.

* Vandelay's income tax rate is 30%.

* Vandelay's had 100 million shares of common stock issued and outstanding all year.

Prepare the remainder of the 2017 income statement for Vandelay's. Show clearly clabeled computations/work for all amount reported.

(Amount in millions)

Income before tax and discontinued items	$175

2. Rather than $67 million as noted above, assume the book value of Latex's assets is $119 million on December 31, 2017. What amount should Vandelay report for Net Discontinued Operations in its 2017 income statement?