Patrick, Inc. decided on January 1 to discontinue its telescope manufacturing division. On July 1, the division's assets with a book value of $1,050,000 are sold for $750,000. Operating income from January 1 to June 30 for the division amounted to $125,000. Ignoring income taxes, what total amount should be reported on Patrick's income statement for the current year under the caption, Discontinued Operations?

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The loss on disposal of the division is $1,050,000 - $750,000 = $300,000. The operating income from January 1 to June 30 is $125,000. The total amount to be reported on Patrick's income statement for the current year under the caption, Discontinued Operations is $300,000 loss.