Preparing the Discontinued Operations Section of the Income Statement

At its September $1,$ Year $1$ meeting; the board of directors of Jolie Inc. approved a plan for disposing of its candy vending division. The vending machine operation is a separate business component and had incurred a loss before tax of $$150,000$ for the eight$-$month period ending September $1,$ Year $1.$ A tentative $$greement has been reached with Macur Corporation to buy the vending division for $$2,000,000,$ with delivery of all the assets and operations to Macur as of April $1$ of Year $2.$ Jolie will continue operating the division until it is delivered to Macur. The book value of the vending machine operation is $$2,100,000$ on December $31$ of Year $1.$ An operating loss of $$30,000$ before tax effects is experienced during the last four months of Year $1.$ Assume an income tax rate of $25\%.$

a$.$ Present the discontinued operations section of the Year $1$ income statement for Jolie Company. Assume that the after$-$tax income from continuing operations in Year $1$ is $$500,000.$ Ignore the earnings per share disclosure.

Note: Use a negative sign to indicate a loss.

Note: If a line item is not required, leave the answer blank $($zero$).$

$\backslash$table$[[$Income from continuing operations,$500,000vv$