In 2020, a firm commits to dispose of a key division in the coming year. The company is attempting to determine how to account for the discontinued operation. In 2020, the division reported a loss of $200,000. At December 31, 2020, the division had a carrying value of $1,600,000 and a fair value of $2,200,000. The firm's tax rate is 25%. Which of the following items are true? I. The firm reports a loss from discontinued operations of $150,000 II. The firm reports a loss from discontinued operations of $50,000 III. The firm reports an impairment loss on discontinued operations of $450,000 OI only O II only O III only O II and III only OI and III only