Question 6 (5 points) For the year ended December 31, 2020. Cedar Enterprises had income from Continuing Operations before Taxes of $8,300.000 before considering the following events and transactions. All of the events described below are before taxes. a) In June 2020, Cedar's board of directors made a decision to sell its Publishing Division, which was classified as a separate component for GAAP purposes. Several potential buyers have shown interest, but a sale is not expected until February 2021. During 2020, the Publishing Division had an operating loss of $320,000. Also, as of 12/31/20, the book value of the Publishing Division was $900,000, and its fair value less cost to sell was estimated to be $640,000. b) In 2020, the auditors for Cedar Enterprises discovered that the depreciation expense for some of its machinery for 2018 in the amount of $75,000 had not been recorded. However, the patent amortization expense for 2019 and 2020 had been correctly recorded. Prepare a partial income statement for the year ended December 31, 2020, beginning with Income from Continuing Operations before Taxes. Cedar's income tax rate is 25% for all transactions. + Webcam Question 6 (5 points) For the year ended December 31, 2020, Cedar Enterprises had income from Continuing Operations before Taxes of $8,300,000 before considering the following events and transactions. All of the events described below are before the a) In June 2020, Cedar's board of directors made a decision to sell its Publishing Division, which was classified as a separate component for GAAP purposes. Several potential buyers have shown interest, but a sale is not expected until February 2021. During 2020, the Publishing Division had an operating loss of $320,000. Also, as of 12/31/20, the book value of the Publishing Division was $900,000, and its fair value less cost to sell was estimated to be $640,000. b) In 2020, the auditors for Cedar Enterprises discovered that the depreciation expense for some of its machinery for 2018 in the amount of $75,000 had not been recorded. However, the patent amortization expense for 2019 and 2020 had been correctly recorded. Prepare a partial income statement for the year ended December 31, 2020, beginning with Income from Continuing Operations before Taxes. Cedar's income tax rate is 25% for all transactions