Sheridan Corporation reported the following pre$-$tax amounts for the year ended August $31,2024$: profit before income tax $($on the

company's continuing operations$),$ $$333,000$; loss from discontinued operations, $$85,000$; and gain on disposal of assets of

discontinued operations, $$70,000.$ Sheridan is subject to a $20\%$ income tax rate.

$($a$)$

Correct Answer $($Used$)$

Calculate the income tax expense on continuing operations.

Income tax expense on continuing operations $ $($b$)$

Correct Answer $($Used$)$

Calculate any income tax expense or savings on each item of discontinued operations. $($Enter savings using either a negative sign

preceding the number e$.$g$.-45$ or parentheses e$.$g$.(45).)$

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