Reporting Discontinued Operations operations of $1,440,000 before tax for the year. a. Assuming an income tax rate of 25%, prepare an income statement beginning with Income from Continuing Operations. Ignore earnings per share disclosures. - Use a negative sign to indicate a loss. b. Repeat the requirements of part a but now assume that the Knit Products Division reported income from operations of $128,000 for the year. - Use a negative sign to indicate a loss