GNB Global Inc. has sold its distribution division in the current year. GNB has a $120,000 loss

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Question:

GNB Global Inc. has sold its distribution division in the current year. GNB has a $120,000 loss from operation of the distribution division and a gain on sale of the division’s assets of $40,000. Assuming GNB has a tax rate of 30%, the results from discontinued operations reported on GNB’s income statement is