PeeDee Enterprises has two operating divisions; one manufactures computer equipment and the other manufactures sports equipment. Both are considered separate components as defined by GAAP. The sports equipment division has been unprofitable, and on November 30, 2020, PeeDee adopted a formal plan to sell the division. The sale was completed on April 30, 2021. At December 31, 2020, the component was considered held for sale. On December 31, 2020, the company's fiscal year end, the sports equipment division had assets with a net book value of $700,000. PeeDee estimates that the fair value of the electronic sales division on this date is $400,000. The before-tax operating loss of the division for the year was $150,000. The company's effective tax rate is 35%. Pre-tax income from continuing operations was $2,000,000, Round all answers to the nearest dollar. 1. Prepare a partial income statement for 2020 beginning with income from continuing operations before income taxes. 2. Record the journal entry needed (if any) on December 31, 2020 to record the write-down of assets for the electronic sales division. If no journal entry is needed, write "No entry needed" in your