Canadian Clothes Inc. (CCI) is a public company that manufactures children's items. CCI has divisions dedicated to children's footwear, outerwear, and toys. In September 2021, CCI's board of directors decided to sell its toy division. The carrying value of the net assets of the toy division was $65.4 million, which had an original cost of $74.5 million. On November 1, 2021, the toy division was listed for sale at a price of $62.0 million. Selling costs are estimated to be $1.5 million, and CCI has received a lot of interest from competitors. CCI's management team is confident that it will proceed with the current plan to sell the toy division. Required: a) Evaluate the criteria for an asset to be classified as held for sale, and determine whether the toy division meets the criteria. (4 marks) b) Assume that at December 31, 2021, the toy division was NOT sold yet. Describe how the assets of the toy division should be reported on CCI's statement of financial position at December 31, 2021, and explain any related impact to the statement of comprehensive income for the year ended December 31, 2021. (4 marks) c) Describe how the assets of the toy division should be measured in subsequent periods before it is sold. (2 marks)