On November 1, 2016, Woods Company announced its plans to sell its subsidiary, Williams Division (a major strategic component of the company). By December 31, 2016, Woods had not sold Williams Division and so it classifies the division as held for sale.

During 2016, Woods recorded the following revenues and expenses for Williams Division and the remainder of the company:

Sales revenue	$170,000	$950,000
Cost of goods sold	119,000	560,000
Operating expenses	42,000	190,000

Woods is subject to a 30% income tax rate.

On December 31, 2016, the net book value of Williams Division is $500,000, consisting of assets of $910,000 and liabilities of $410,000. On this date, Woods estimates that the fair value of Williams Division is $420,000. The company had 50,000 shares of common stock outstanding during all of 2016.

Required:
1.	Prepare the journal entry on December 31, 2016, to record the pretax loss on held-for-sale Williams Division. Show supporting calculations.
2.	Prepare a 2016 multiple-step income statement for Woods.
3.	Show how Williams Division would be reported on Woodss December 31, 2016, balance sheet.