On may 1, foxtrot co. agreed to sell the assets of its footwear division to albanese inc. for $80 million. the sale was completed on december 31, 2016. the following additional facts pertain to the transaction: • the footwear division qualifies as a component of the entity according to gaap regarding discontinued operations. • the book value of footwear's assets totaled $48 million on the date of the sale. • footwear's operating income was a pre-tax loss of $10 million in 2016. • foxtrot's income tax rate is 40%. in the 2016 income statement for foxtrot co., it would report: income (loss) on its continuing operation only. income and gains separately from losses. income (loss) from its continuing and discontinued operations separately. income (loss) on its total operations for the year without separation. 1 points save answer