Reporting Discontinued Operations-Disposal in Subsequent Year On October 1 of the current year, Blain Company approved a formal plan to sell the McKay Division, considered a component of the busines: for the year ended December 31 , but expects to incur an operating loss of $50,000 for the first quarter of next year. Blain determines the car respectively, on December 31. Blain's tax rate for the year is 25%. Weighted average number of common shares outstanding in the current ye Required a. Assume Blain Company's income from continuing operations is $1,150,000 (after tax) in the current year. Prepare a partial income stat - Use a negative sign to indicate a loss. - Enter the answers for per share amounts in dollars and cents, rounded to the nearest penny. b. How does the answer to part a change if the fair value of the McKay Division's net assets were $2,600,000 instead of $2,400,000 on Decen - Use a negative sign to indicate a loss. - Enter the answers for per share amounts in dollars and cents, rounded to the nearest penny. to sell the Mokay Division, considered a component of the business The sale will occur on March 31 of the following year, The division had operating income of 5250,000 (pretay) of $50,000 for the first quarter of next year. Blain determines the carrying value and fair value (net of selling costs) of the McKay DNision to be $2,500,050 and $2,400,000. ed average number of common shares outstanding in the current year is 150,000 , 1,159,000 (after tax) in the current year. Prepare a partialincome statement beginning with income from continuing operations, include earnungs per share disclosures. undect to the nearest penny. Acray Division's net assets were $2,600,000 instead of $2,400,000 on December 31 ? rounded to the nearest penny