The Banks Corporation sold its credit subsidiary on December 31 of the current year at a gain of $ 237. See below for the corporation€™s income statement before removing the discontinued subsidiary and before the inclusion of the gain on the sale of the subsidiary:

Prepare Banks Corporation€™s statement of net income for the current year reflecting the discontinued subsidiary, assuming that it met all of the necessary conditions to be reported as a discontinued operation. The discontinued subsidiary accounted for 20% of revenues and 15% of all operating expenses.

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Banks Corporation Statement of Net Income For the Year Ended December 31 Sales $10,000 6,700 3,300 700 950 1,650 660 $ 990 Cost of Goods Sold Gross Profit Selling, General, and Adrninistrative Expenses Depreciation and Amortization Expense Income Before Tax IncomeTax Expense (at 40%) Net Income