Question 10 6 pts (TCO 5) On May 1, Foxtrot Co. agreed to sell the assets of its Footwear Division to Albanese Inc. for $80 million. The sale was completed on December 31, 2012. The following additional facts pertain to the transaction: The Footwear Division qualifies as a component of the entity The book value of Footwear's assets totaled $48 million on the Footwear's operating income was a pre-tax loss of $10 million Foxtrot's income tax rate is 40%. according to GAAP regarding discontinued operations. date of the sale. in 2012. In the 2012 income statement for Foxtrot Co., which of the following would it would report? O All income taxes would be combined into one line item. O Income taxes would be separated for continuing and discontinued operations O Income taxes would be reported for income and gains only. ONone of the above