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ACC 301 0 ACCOUNTING 301 01 Chapter 04 Homework Question 6 (of 9) 10.00 points Kandon Enterprises, Inc,has two operating divisions, one manufactures machinery and the other breeds and sells horses. Both divisions are considered separate components as defined by generally accepted accounting principles. The horse division has been unprofitable, and on November 15, 2016, adopted a sell division. The was completed on April 30.2017. AtDecember 31 the component was considered held sale. On December 31, 2016, the companys fiscal year-end, the book value of the assets of the horse division was $261,000. On that date, the fair value of the assets, less costs to sell, was S210,000. The before-tax loss from operations of the division for the year was $150,000. The company's effective tax rate is 30%. The after-tax income from continuing operations for 2016 was $410,000. Required 1. Prepare a partial income statement for 2016 beginning with from continuing operations. Ignore disclosures. (Amounts to be deducted should be indicated with a minus sign.) KANDON ENTERPRISES, INC Partial Income Statement the Year Ended December 31, 2016 Income from continuing operations 410,000 Discontinued operations gain (oss) Loss from operations of d Income tax benefit Loss on discontinued operations