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Stellar, Inc. decided on January 1 to discontinue its telescope manufacturing division. On July 1, the divisions assets with a book value of $840,000 are
Stellar, Inc. decided on January 1 to discontinue its telescope manufacturing division. On July 1, the divisions assets with a book value of $840,000 are sold for $600,000. Operating income from January 1 to June 30 for the division amounted to $130,000. Ignoring income taxes, what total amount should be reported on Stellars income statement for the current year under the caption, Discontinued Operations?
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