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Part 2 short Answer (5 Points Each). Show all work as applicable as partial cred may be given 1. Wilcox Corporation had income from continuing operations of $650,000( after taxes) in In addition, the following information, which has not been considered, is as follows. 1. A machine was sold for $140,000 cash during the year at a time when its book va $110,000. (Depreciation has been properly recorded.) The company often sells mac this type. 2. Wilcox decided to discontinue its stereo division in 2020 . During the current year, the disposal of this component of the business was $210,000 less applicable tax Instructions Present in good form the income statement of Wilcox Corporation for 2020 starting rom continuing operations." Assume that Wilcox's tax rate is 20% and 200,000 sha stock were outstanding during the year. 1. Wilcox Corporation had income from continuing operations of $650,000 (after taxes) in 2020 . In addition, the following information, which has not been considered, is as follows. 1. A machine was sold for $140,000 cash during the year at a time when its book value was $110,000. (Das sold for $140,000 cash during the year at a time when its book value was this type. 2. Wilcox decided to discontinue its stereo division in 2020 . During the current year, the loss on the disposal of this component of the business was $210,000 less applicable taxes. Instructions Present in good form the income statement of Wilcox Corporation for 2020 starting with "income from continuing operations." Assume that Wilcox's tax rate is 20% and 200,000 shares of common stock were outstanding during the year