Q. Wabash, Inc., had revenue and expenses from ongoing business operations for the current year of $480,000 and $430,000, respectively. During the year, the company sold a division which had revenue and expenses (not comprised in the previous figures) of $100,000 and $75,000, respectively. The division was sold at a loss of $55,000. All items are subject to an income tax rate of 40 percent.