The Ottoboni Corporation had two operating divisions, one manufacturing division and a finance division. Both divisions are considered separate components. The finance division has been unprofitable, and on October 3, 2014, Ottoboni adopted a formal plan to sell the division, which subsequently was considered held for sale. The before-tax operating loss of the division for the year was $270,000. The companys effective tax rate is 40%. The after-tax income from continuing operations for 2014 is $600,000. On December 31, 2014, the companys fiscal year-end, the book value of the assets of the finance division was $2,100,000.

What will the firm report for discontinued operations for 2014, if anything, under each of the following scenarios?

A. The sale was completed on December 31, 2014, for $2,400,000.

B. The sale was completed on March 15, 2015. Fair market value on December 31, 2014 was $2,400,000.

C. The sale was completed on March 15, 2015. Fair market value on December 31, 2014 was $2,000,000.