QUESTION 49 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 Decem The following additional facts pertain to the transaction: The Footwear Division qualifies as a component of the entity according to GAAP regarding discontinued operations. The book value of Footwear's assets totaled 848 million on the date of the sale. Footwear's operating income was a pre-tax loss of $10 million in 2016. Foxtrot's income tax rate is 40%. In the 2016 income statement for Foxtrot Co, it would report: Income and gains separately from losses. Income (loss) on its total operations for the year without separation. Income (loss) from its continuing and discontinued operations separately. Income (loss) on its continuing operation only. QUESTION 50 Reconciliation between net income and comprehensive Income would include: Neither unrealized losses nor unrealized gains on available for sale securities. Unrealized losses but not unrealized gains on available for sale securities Unrealized gains but not unrealized losses on available for sale securities Unrealized losses and unrealized gains on available for sale securities QUESTION 51 Operating cash flows would exclude: Dividends paid