income statement - income from discontinued operations

Project Description:

on january 1, 2010, rahm entered into an agreement to sell for $2,000,000 one of its separate operating divisions. the sale resulted in a gain on disposition of $900,000 on november 12, 2010, and qualifies as a discontinued component. this division's contribution to rahm's reported income before income taxes for each year was as follows: (note: the below amount is currently included in operating income.)

2010 $700,000 loss
assume an income tax rate of 30%.

required: refer to exhibit 5-1 above. in the preparation of a revised comparative income statement, rahm should report income from continuing operations after income taxes for 2010 amounting to _________.
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