FASB Statement No. 144 dealt with, among other issues, reporting the results of discontinued operations. In the Statement, a section of the income statement was created and several terms were defined, including “component.”

Required
Identify the elements of a company’s results of discontinued operations section of its income statement. Define the previously listed term and explain how the elements of the section are computed if the company sells a component in the same accounting period that its management decided to sell the component.