Fireplaces Inc. owns several distinct product lines. On August 15, 2020, Fireplaces decided to sell off its wood-burning stove division as the division has been losing money for the past three years.

At the time the decision to sell was made, the wood-burning stove division had the following amounts recorded on its financial statements:

Revenue (to August 15, 2020) $300,000

Expenses (to August 15, 2020): $575,000

Book value of Assets for Sale: $1,250,000 (net of depreciation)

Fireplaces stopped recording depreciation on the assets on August 15, 2020. Fireplaces has listed the assets of the division for sale at a price of $1,100,000, with a regional broker, who charges a 5% commission on the selling price. As of December 31, three potential buyers are in negotiation to purchase the division. Fireplaces has a 25% corporate income tax rate. Assuming the division meets the criteria of discontinued operations, calculate the amounts for the following:

a) Value of assets on the balance sheet as at December 31.

b) Income related to discontinued operations on December 31.