Bubbly Company decided to sell a component of its business that meets the requirements for discontinued operations treatment. The sale date is planned for February 1, Year 9.
The component earned revenues of $800,000 and incurred expenses of $975,000 during Year 8. At December 31, Year 8, assets of the component totaled $4,000,000 and liabilities totaled $1,500,000. The component is expected to be sold on February 1, Year 9 for $1,700,000. The company's tax rate is 20%.
Calculate the "Impairment loss on discontinued operations, net of tax" to report in the Income Statement. If no amount is to be reported, enter 0. You may use () or - to indicate the loss. Do NOT use a $ sign and round to the nearest whole number.