1. (6 marks) Avalia Ltd. decided on January 1, 2019 to discontinue its plastic-making division. The division, properly identified as a reportable segment, was sold on June 1, 2019. Division assets with a carrying value of $1,600,000 were sold for $1,000,000. Operating income from January 1, to May 30, 2019 for the division amounted to $250,000. Income taxes are at the rate of 30%. What amount should be reported on Avalia's income statement for the year ended December 31, 2019 under the caption "discontinued operations"? Show all of your work to maximize marks