on November 1, 2019. Woods Company announced ts plans to sell its subsidiary, Williams Division (a major strategic component of the company) By December 31, 2019. Woods had not sold Williams Division and so it classifies the division as held for sale During 2019. Woods recorded the following revenues and expenses for Williams Division and the remainder of the company Williams Division Remainder of Company Sales revenue $170,000 $950,000 Cost of goods sold 560,000 Operating expenses 42.000 190,000 119.000 Woods is subject to a 30% income tax rate On December 31, 2019, the net book value of Williams Division is $500,000, consisting of assets of 8910,000 and liabilities of $410,000. On this date, Woods estimates that the fair value of Wimams Division is 5420,000. The company nad 50,000 shares of common stock outstanding during all of 2019 Required: 1. Prepare the journal entry on December 31, 2019, to record the pretex loss on held for sale Williams Division Show supporting calculations 2. Prepare a 2019 multiple-step income statement for Woods 3. Show how Williams Division would be reported on Woods's December 31, 2019, balance sheet PAGE 12 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. 1 DEBIT CREDIT Supporting calculations The amount of the pumal entry on December 31, 2019, to record the pretax boss on held for sale Willos Division is calculated as book value of net assets less far value of net assets of discontinued Williams Division come from operations of discontinued Wihams Division O book value of net assets of discontinued Wa Divan tal value of net asset of continued Wa Division WOODS COMPANY Income Statement For the Year Ended December 31, 2019 2 3 (tabel) TO 11 Components of Income Earnings per Common Share (50,000 shares) 2 3 WOODS COMPANY Partial Balance Sheet December 31, 2019 Asset biles Label