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1)A machine was bought for $10,000 on 1 January 20X6

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1)A machine was bought for $10,000 on 1 January 20X6. It was sold on 30 September 20X9 for $5,000. The machine was depreciated using straight-line method over 10 years with no residual value. What is the gain or loss?

2)Freda's Florist has the following before-tax income statement items for the year ended December 31, 2021: Income before Continuing Operations $200,000 Income on Discontinued Operations $80,000 All income statement items are subject to a 20% income tax rate. How much Income Tax Expense and Income on the Discontinued Operation section should be presented in its 2021 Income Statement? $40,000 and 580,000, respectively $40,000 and 564,000, respectively $56,000 and 564,000, respectively $56,000 and $80,000, respectively