PeeDee Enterprises has two operating divisions; one manufactures machinery and the other is an electronic sales division. Both are considered separate components as defined by GAAP. The electronic sales division has been unprofitable, and on November 15, 2020, PeeDee adopted a formal plan to sell the division. The sale was completed on March 20, 2021. At December 31, 2020, the component was considered held for sale. On December 31, 2020, the company's fiscal year end, the electronic sales division had assets with a net book value of $500,000. PeeDee estimates that the fair value of the electronic sales division on this date is $430,000. The before-tax operating loss of the division for the year was $250,000. The company's effective tax rate is 30%. Pre-tax income from continuing operations was $1,500,000. 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