On March 31, 2021, Karl General Stores, a public company, decides to discontinue one of their stores. You have the following information about the assets of the store to be closed:

Original cost of assets

$1,200,000

Accumulated depreciation taken up to December 31, 2020

666,000

Annual depreciation

111,000

Fair value on March 31, 2021

520,000

Costs to sell the assets

4% of fair value

The store to be closed generated the following results in 2021:

Sales

$880,000

Expenses (excluding depreciation on assets held-for-sale in 2021 and losses related to reclassification of assets as held-for-sale)

900,000

Required-

Calculate the results from discontinued operations to be presented in Karl General Stores' income statement in 2021. The tax rate is 30%