The Bilibong Company had three distinct operating divisions each of which qualif

The Bilibong Company had three distinct operating divisions each of which qualifies as a separate component.The sports equipment division had been unprofitable and on June 1 2006 the company adopted a plan to sell the assets of the division.The actual sale was effected on December 3 2006 at a price of $1200000.The sale resulted in a before-tax gain of $300000The division incurred before-tax operating losses of $380000 from the beginning of the year through December 3.The income tax rate is 40%.Bilibongs after-tax income from its continuing operations is $500000.Required:Prepare an income statement for 2006 beginning with income from continuing operations.Include appropriate EPS disclosures assuming 200000 shares of common stock were outstanding throughout the year.