On March 1, Y1, ABC decided to sell a component of their business. The sale was complete on July 31st. The component had a pretax loss from January 1-February 28th of $20,000 and a pretax loss from March 1-July 31st of $40,000. Additionally, at the time of the sale the cost of the component on ABCs books was $500,000 with $230,000 in accumulated depreciation. The component sold for $220,000 on July 31st. Prepare the discontinued operations section of the income statement. Assume a tax rate of 40%