QUESTION 14 On October 28, 2021, a company committed to a plan to sell a division that qualified as a component of the entity according to GAAP regarding discontinued operations and was properly classified as held for sale on December 31, 2021, the end of the company's fiscal year. The division's loss from operations for 2021 was $2,000,000. The division's book value was $3,500,000 and proceeds from the sale of the division was $3,000,000. Assuming a tax rate of 50%, what amount(s) should the company report as loss on discontinued operations in its 2021 income statement? $1,000,000 loss. $250,000 gain included in continuing operations and a $1,000,000 loss from discontinued operations. $750,000 loss. No loss would be reported