Question 1 1 pts USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (8) QUESTIONS: On August 1, 20x1, Desert, Inc. adopted a plan to discontinue its children's clothing division, which qualifies as a component of the business according to GAAP. The disposal of the division was expected to be concluded by March 30, 20x2. On December 31, 20x1, Desert's fiscal year-end, the following information relative to the discontinued operation was accumulated: Operating Income (pre-tax) of the Component for Jan 1 - Dec 31, 20x1 $ 658,000 3,575,000 Net Book Value of the Component at Dec 31, 20x1 Fair Value of the Component (Estimated Selling Price) 3,600,000 Estimated Disposal Costs 120,000 Income Tax Rate 30% Question 4 2 pts Using the information presented above, answer the following: Determine Gain/Loss from Discontinued Operations (net of tax) for 20x2: $ Blank 2 *If your answer is a Loss, enter your answer using () parenthesis. Do not use commas or $ signs in recording your answer. Question 5 1 pts Using the information presented above, answer the following: Determine Net Income for 20x2 $ Blank3 *Do not use dollar signs or commas when recording your