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 business. The sale will oc 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 carrying value and respectively, on December 31. Blain's tax rate for the year is 25%. Weighted average number of common shares outstanding in the current year is 150,000. Required a. Assume Blain Company's income from continuing operations is $1,150,000 (after tax) in the current year. Prepare a partial income statement beginning - 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 December 31 ? - Use a negative sign to indicate a loss. - Enter the answers for per share amounts in dollars and cents, rounded to the nearest penny. sion, 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 (pretax) for the year ended pr. Blain determines the carrying value and fair value (net of selling costs) of the McKay Division to be $2,500,000 and $2,400,000, respectively, on Decernber 31 . Blains tax rate for the 50,000 the current year. Prepare a partial income statement beginning with income from continuing operations. include earnings per share disclosures. Senny. 5 were $2,600,000 instesd of $2,400,000 on December 31 ? sion, considered a component of the business. The sale will occur on March 31 of the following year. The division had operating income of $250,000 (pretax) quarter of next year, Blain determines the carrying value and fair value (net of selling costs) of the McKay Division to be $2.500,000 and $2,400,000, common shares outstanding in the current year is 150,000 . the current year. Prepare a partial income statement beginning with income from continuing operations. Include earnings per share disclosures. were $2,600,000 instead of $2,400,000 on December 31 ? 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 business. The December 31 , but expects to incur an operating loss of $50,000 for the first quarter of next year. Blain determines the carrying value and fair valu year is 25%. Weighted average number of common shares outstanding in the current year is 150,000 . Required a. Assume Blain Companys income from continuing operations is $1,150,000 (after tax) in the current year. Prepare a partial income stateme: - 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 December - Use a negative sign to indicate a loss. - Enter the answers for per share amounts in dollars and cents, rounded to the nearest penny