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on october 31, leigh corp. approved a formal plan to dispose of its knit products division. on december 31, the knit products division was held for sale but had not been sold. the knit products division (considered a separate business component) reported a net loss from operations of $505,000 before tax for the year ended december 31. the knit products division has a book value and fair value (after selling expenses) of $3,600,000 and $3,300,000, respectively. leigh corp. reported income from continuing operations of $900,000 before tax for the year.

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