Question 3 1 pts USE THE INFORMATION FROM #1 & #2 ABOVE, AND THE FOLLOWING INFORMATION, TO ANSWER THE NEXT (6) QUESTIONS: Desert finalized the sale of the component on March 30, 20x2 for net cash proceeds of $3,350,000. Operating income of the discontinued component from Jan 1 - Mar 30, 20x2, was $240,000. (This $240,000 is NOT included in the $2,470,000 Income Before Taxes listed below.) Use this information and the Additional Data to prepare a partial Income Statement for the year ended December 31, 20x2 beginning with Income from Continuing Operations. Include Earnings Per Share disclosures. Additional Data: Income Before Taxes (from on-going operations) (x2) $2,470,000 Income Tax Rate (X2) 30% 5% Preferred Stock ($100 Par. 10,000 shares issued) Common Stock ($1 par, 600,000 shares issued, 500,000 outstanding) Partial Income Statement Desert, Inc. For the Year Ended December 31, 20x2 Income from Continuing Operations Gaint.oss from Discontinued Operations (net of tax) $ Blank 1 $ Blank 2 $ Blank 3 Not Income $ Blank 4 EPS. Continuing Operations Discontinued Operations Not Income S. Blank 5 $ Blank 6 Gain/Loss from Discontinued Operations (net of tax) Net Income $ Blank 2 $ Blank 3 E.P.S. $ Blank 4 Continuing Operations Discontinued Operations Net Income $ Blank 5 $ Blank 6 a. Determine Income from Continuing Operations (x2) $ Blank 1 *Do not use $ signs or commas in recording your answer. 1729000