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Leisure Attire Corporation discontinued Princess Fashions, its entire line of children's clothing, in November of 2001. Prior to the disposal, Princess Fashions generated a loss of $300,000 (net of tax) for the period from January through the sale date. Because of the value of the real estate and machinery, there was a gain of $750,000 (net of tax) on the actual sale. How should this situation be reported in the financial statements of Leisure Attire for 2001?

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