USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (8) QUESTIONS: On August 1, 20x1, Desert, Inc. adopted a plan to discontinue its children's clothing division, which qualifies as a component of the business according to GAAP. The disposal of the division was expected to be concluded by March 30, 20x2. On December 31, 20x1, Desert's fiscal year-end, the following information relative to the discontinued operation was accumulated: Operating Income (pre-tax) of the Component for Jan 1 - Dec 31, 20x1 S 658,000 Net Book Value of the Component at Dec 31, 20x1 3.575,000 Fair Value of the Component (Estimated Selling Price) 3.600,000 Estimated Disposal Costs 120,000 Income Tax Rate 30% Using the information presented in #1 above, determine the following In its Income Statement for the year ended December 31, 20x1. Desert would report a total Gain/Loss on Discontinued Operations (net of tax) of: S *Do not use dollar signs or commas when recording your answer. If your answer is a Loss, record your answer using ( parenthesis. 1