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On May 1, Foxtrot Co. agreed to sell the assets of its Footwear Division to Albanese Inc. for $80 million. The sale was completed on
On May 1, Foxtrot Co. agreed to sell the assets of its Footwear Division to Albanese Inc. for $80 million. The sale was completed on December 31, 2018. The following additional facts pertain to the transaction: The Footwear Division qualifies as a component of the entity according to GAAP regarding discontinued operations. The book value of Footwear's assets totaled $48 million on the date of the sale. Footwear's operating income was a pre-tax loss of $10 million in 2018. Foxtrot's income tax rate is 40%. Foxtrot's income from continuing operations was $100 million in 2018. . Please provide the following amounts that would be presented on Foxtrot's income statement for the year ended 12/31/2018: Income (Loss) from continuing operations: Income (Loss) from discontinued operations (net of tax): Net income (loss)
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