On May 1, 2016, Wheaton Company Decided to Dispose of Its

Essay

On May 1, 2016, Wheaton Company decided to dispose of its foreign sales operations a change which represents a strategic shift in the geographic area of Wheaton's operations). The component was sold on November 24, 2016, for
$1,000,000 resulting in a $96,000 loss on the sale. The foreign sales operations recorded a $300,000 operating profit in 2016 up to the date of sale. Wheaton Company is subject to a 30% income tax rate.
Required:
Prepare the results from discontinued operations section of Wheaton Company's income statement for 2016.