On October 5, 2020, Diamond in the Whispering Winds Recruiting Group Inc.'s board of directors decided to dispose of the Blue Division. A formal plan was approved. Diamond derives approximately 72% of its income from its human resources management practice. The Blue Division gets contracts to perform human resources management on an outsourced basis. The board decided to dispose of the division because of unfavourable operating results. Net income for Diamond was $94,010 for the fiscal year ended December 31, 2020 (after a charge for tax at 30% and after a writedown for the Blue assets). Income from operations of the Blue Division accounted for $5,110 (after tax) of this amount. Because of the unfavourable results and the extreme competition, the board believes that it cannot sell the business intact. Its final decision is to auction off the office equipment. The equipment is the division's only asset and has a carrying value of $26,000 at October 5, 2020. The board believes that proceeds from the sale will be approximately $5,000 after the auction expenses. Currently, the equipment's estimated fair value is $8,000. The Blue Division qualifies for treatment as a discontinued operation. Diamond prepares financial statements in accordance with ASPE. (a) Prepare a partial income statement for Diamond in the Whispering Winds Recruiting Group. The income statement should begin with income from continuing operations before income tax. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Diamond in the Whispering Winds Recruiting Group Inc. Partial Income Statement For the Year Ended December 31, 2020 Income from Continuing Operations before Income Tax 148000 X Loss from impairment of assets of Discontinued operations, less Applicable Income Tax Recovery -21000 Income from Continuing Operations 127000 Discontinued operations Income from Operations of the Discontinued Blue Division, less Applicable Income Tax -38100 Income Tax Expense 88900 Fx 5110 | Net Income / (Loss) 94010