Oriole Corporation operates several stores in British Columbia (Vancouver, Victoria, Kamloops, Penticton, and Prince George). The restructuring of its organization on November 20, 2023, has led to the decision to sell its Prince George store. In preparing financial statements at December 31, 2023, the following information was made available: 1 The Prince George operation incurred a loss of $265,100 for the 2023 calendar year, including $210,375 for the period January 1 to November 20, 2023. 2 Estimated costs to sell are $275,000. 3. 4. 5. At December 31, 2023, the fair value of the Prince George assets is estimated at $7.120 million and the carrying amount is $7.395 million. The combined provincial and federal income tax rate is 30%. It is estimated that the operation will lose an additional $233,750 before it is sold. (a) Your answer is correct. The Prince George operation qualifies for reporting as a discontinued operation. What amount should be reported in the discontinued operations section of Oriole's 2023 income statement? (Enter negative amount using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) (b) Gain/(Loss) on discontinued operations $ 1570570) Your answer is incorrect Attempts: unlimited In early 2024, the Prince George operation is sold for $6.523 million, with actual costs to sell of $374,000. Additional disposal costs related to the sale are $467,500. The operation lost an additional $140,250 before it was sold. What amount should be reported in the discontinued operations section of Oriole's 2024 income statement? (Enter negative amount using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) Gain/(Loss) on discontinued operations $ 1141875 Save for Later Attempts: unlimited Submit Answer