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 $1,000,000 (pretax) for the year ended December 31, 2020, but expects to incur an operating loss of $200,000 for the first quarter of 2021. Blain determines the carrying value and fair value (net of selling costs) of the McKay Division to be $10,000,000 and $9,600,000, respectively, on December 31, 2020. Blain's tax rate for 2020 is 25%. Weighted average number of common shares outstanding in 2020 is 600,000, Required a. Assume Blain Company's income from continuing operations is $4,600,000. Prepare a partial income statement beginning with income from continuing operations. Include earnings per share disclosures. Use a negative sign to indicate a loss. Round the per share amounts to two decimal places. $ 0 Discontinued operations 0 Impairment loss on discontinued component, net of tax savings 0 $ 0 Per share: 0 0 . Impairment loss on discontinued, component, net of tax savings 0 $ 0 b. How does the answer to part a change if the fair value of the McKay Division's net assets were $10,400,000 instead of $9,600,000 on December 31, 2020? Use a negative sign to indicate a loss. Round the per share amounts to two decimal places. 0 Discontinued operations 1 oOo Impairment loss on discontinued component, net of tax savings a Per share: e $ e Impairment loss on discontinued, component, net of tax savings ooolo $ Check