Question:

On May 1, 2015, Bradley Corporation decided to sell one of its components that qualified as a discontinued operation. This component had an operating loss of $75,000 during 2015. At December 31, 2015, Bradley's year-end, it estimated the Component's fair value to be $500,000 and its net book value to be $480,000. Bradley also estimated the disposal costs would be $70,000.

The sale of the component was completed on March 1, 2016 for cash proceeds of $440,000. The component had an operating loss of $21,000 during the first two months of 2016. Assume that all the amounts are pre-tax and that Bradleys tax rate for both 2015 and 2016 was 35%. For your answers, if there is a Loss, indicate using parenthesis ( ).

a. Determine the Results of Discontinued Operations (net of tax)* as of December 31, 2015: $ Blank 1

*This answer should include BOTH the Income/Loss from Disc. Operations for '15 as well as the impairment loss, if any.

b. For 2016, determine the following:

Discontinued Operations (Note 17):
Income/Loss from Operations of Discontinued Operations (net of tax)	$ Blank 2
Gain/Loss on Disposal of Discontinued Operations (net of tax)	$ Blank 3
Results of Discontinued Operations (net of tax)	$ Blank 4