Elegant Homes Corporation provided the following statement of net income on December 31, 2017, before the disposal of a business segment. The income statement includes the results of operations of Elegant€™s mobile home division. The company made a commitment to dispose of the mobile home division on December 1, 2017.

The mobile home division accounts for 20% of sales, cost of goods sold, selling, and general and administrative expenses. Assume no gain or loss on remeasurement of the division.
Prepare the multiple- step income statement for 2017 only, assuming that Elegant sells the segment on December 31 at a $ onDecem-ber31ata$ 130 pretax loss.

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Elegant Homes Corporation Income Statement For the Year Ended December 31, 2017 Sales Cost of Goods Sold Gross Profit Selling Expenses General and Administrative Expenses Other Revenues and Expenses Loss on Asset Impairment Income Before Tax IncomeTax Expense at 40%) Net Income $500 120) $380 80) (65) 40) 38) $157 (63) $ 94