The following Income Statement information has been obtained from the books of Unlimited Liquors Corporation for the year ended March 31, 2022. The Income tax rate is 40% and the company has 50,000 shares of common stock outstanding. Sales Revenue Cost of Goods sold Operating expenses Income from discontinued operations Loss on disposal of discontinued operations $890,000 300,000 220,000 140,000 60,000 Determine the income or loss from discontinued operations as shown on the Income Statement: Answer: