The Taco Stand had two operating divisions, the restaurant division and taco truck division. Both divisions are considered separate components. On October 3, 2019, Taco Stand adopted a formal plan to sell the restaurant, which subsequently was considered held for sale. The before-tax operating loss of the restaurant for the year was $270,000. The companys effective tax rate is 40%. The after-tax income from continuing operations for 2019 is $600,000. On December 31, 2019, the companys fiscal year-end, the book value of the assets of the restaurant division was $2,100,000.

What will the firm report for discontinued operations for 2019, if anything, under each of the following scenarios?

1. The sale was completed on December 31, 2019, for $2,400,000.
2. The sale was completed on March 15, 2020. Fair market value on December 31, 2019 was $2,400,000.
3. The sale was completed on March 15, 2020. Fair market value on December 31, 2019 was $2,000,000.