Chance Company had two operating divisions, one manufacturing farm equipment and the other office supplies. Both divisio

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Chance Company had two operating divisions, one manufacturingfarm equipment and the other office supplies. Both divisions areconsidered separate components as defined by generally acceptedaccounting principles. The farm equipment component had beenunprofitable, and on September 1, 2021, the company adopted a planto sell the assets of the division. The actual sale was completedon December 15, 2021, at a price of $630,000. The book value of thedivision’s assets was $1,070,000, resulting in a before-tax loss of$440,000 on the sale. The division incurred a before-tax operatingloss from operations of $160,000 from the beginning of the yearthrough December 15. The income tax rate is 25%. Chance’s after-taxincome from its continuing operations is $580,000. Required:Prepare an income statement for 2021 beginning with income fromcontinuing operations. Include appropriate EPS disclosures assumingthat 100,000 shares of common stock were outstanding throughout theyear. (Amounts to be deducted should be indicated with a minussign. Round EPS answers to 2 decimal places.)