Reporting Discontinued Operations-Disposal in Subsequent Year On October 1, 2020, Blain Company approved a formal plan to sell the Mckay Division, considered a component of the business. The sale will occur on March 31, 2021. The division had operating income of $500,000 (pretax) for the year ended December 31, 2020, but expects to incur an operating loss of $100,000 for the first quarter of 2021. Blain determines the carrying value and fair value (net of selling costs) of the McKay Division to be $5,000,000 and $4,800,000, respectively, on December 31, 2020. Blain's tax rate for 2020 is 25%. Weighted average number of common shares outstanding in 2020 is 300,000. Required a. Assume Blain Company's income from continuing operations is $2,300,000. Prepare a partial income statement beginning with income from continuing operations. Include earnings per share disclosures. Use a negative sign to indicate a loss. Enter the answers for per share amounts in dollars and cents, rounded to the nearest penny. $ 0 0 0 $ 0 Loss from continuing operations Discontinued operations Income from discontinued component, net of tax Impairment loss on discontinued component, net of tax savings Net income Per share: Income from continuing operations Income from discontinued component, net of tax Impairment loss on discontinued, component, net of tax savings Net income $ 0 0 0 $ 0 b. How does the answer to part a change if the fair value of the Mckay Division's net assets were $5,200,000 instead of $4,800,000 on December 31, 2020? Use a negative sign to indicate a loss. Enter the answers for per share amounts in dollars and cents, rounded to the nearest penny. $ 0 Income from continuing operations Discontinued operations Income from discontinued component, net of tax 0 b. How does the answer to part a change if the fair value of the McKay Division's net assets were $5,200,000 instead of $4,800,000 on December 31, 2020? Use a negative sign to indicate a loss. Enter the answers for per share amounts in dollars and cents, rounded to the nearest penny. $ 0 0 0 $ 0 Income from continuing operations Discontinued operations Income from discontinued component, net of tax Impairment loss on discontinued component, net of tax savings Net income Per share: Income from continuing operations Income from discontinued component, net of tax Impairment loss on discontinued, component, net of tax savings Net income $ 0 0 0 $ 0