Wabash, Inc., had revenue and expenses (including income tax) from ongoing business operations for the current year of $480,000 and $430,000, respectively. During the year, the company sold a division of the company that had revenue and expenses (not included in the previous figures) of $100,000 and $75,000, respectively. The division was sold at a loss of $55,000. All items are subject to an income tax rate of 40 percent. Prepare an abbreviated income statement for Wabash for the year. (Enter all losses with a minus sign.) WABASH, INC. Income Statement For Year Ended $ Revenues Expenses 480,000 430,000 50,000 $ $ 55,000 Discontinued operations: Loss on the sale of discontinued operations, net of income tax Loss on the sale of discontinued operations, net of income tax Net income (18,000) 32,000 $