Aregional automobile dealership sent out fliers to prospective customers indicating that they had already won one of three different prizes: an automobile valued at $28 comma 000, a $100 gas card, or a $5 shopping card. to claim his or her prize, a prospective customer needed to present the flier at the dealership's showroom. the fine print on the back of the flier listed the probabilities of winning. the chance of winning the car was 1 out of 31 comma 248, the chance of winning the gas card was 1 out of 31 comma 248 comma and the chance of winning the shopping card was 31 comma 246 out of 31 comma 248. complete parts (a) through (c).

Kandon enterprises, inc., has two operating divisions; one manufactures machinery and the other breeds and sells horses. both divisions are considered separate components as defined by generally accepted accounting principles. the horse division has been unprofitable, and on november 15, 2018, kandon adopted a formal plan to sell the division. the sale was completed on april 30, 2019. at december 31, 2018, the component was considered held for sale. on december 31, 2018, the company’s fiscal year-end, the book value of the assets of the horse division was $415,000. on that date, the fair value of the assets, less costs to sell, was $350,000. the before-tax loss from operations of the division for the year was $290,000. the company’s effective tax rate is 40%. the after-tax income from continuing operations for 2018 was $550,000. required: 1. prepare a partial income statement for 2018 beginning with income from continuing operations. ignore eps disclosures. 2. prepare a partial income statement for 2018 beginning with income from continuing operations. assuming that the estimated net fair value of the horse division’s assets was $700,000, instead of $350,000. ignore eps disclosures.