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The following condensed income statements of the Jackson Holding Company are presented for the two years ended December $31,$

$2024$ and $2023$:

On October $15,2024,$ Jackson entered into a tentative agreement to sell the assets of one of its divisions. The division qualifies as a

zomponent of an entity as defined by GAAP. The division was sold on December $31,2024,$ for $$5,360,000.$ Book value of the division's

assets was $$4,640,000.$ The division's contribution to Jackson's operating income before$-$tax for each year was as follows:

$2824$$$468,968$

$2823$$$368,680$

Assume an income tax rate of $25\%.$

Required: $$

Note: In each case, net any gain or loss on sale of division with annual income or loss from the division and show the tax effect on

a separate line.

Prepare revised income statements according to generally accepted accounting principles, beginning with income from

continuing operations before income taxes. Ignore EPS disclosures.

Assume that by December $31,2024,$ the division had not yet been sold but was considered held for sale. The fair value of the

division's assets on December $31$ was $$5,360,000.$ Prepare revised income statements according to generally accepted

accounting principles, beginning with income from continuing operations before income taxes. Ignore EPS disclosures.

Assume that by December $31,2024,$ the division had not yet been sold but was considered held for sale. The fair value of the

division's assets on December $31$ was $$4,020,000.$ Prepare revised income statements according to generally accepted

accounting principles, beginning with income from continuing operations before income taxes. Ignore EPS disclosures.

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