Check my work Problem 4-2 Discontinued operations [LO4-4) The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2018 and 2017: $15,800,000 $10,400,000 9,600,000 6,400,000 6,200,000 4,000,000 3.520,0002,920,000 2,680, 000 1,080,000 680,000 680 3,360,000 1,080,000 432,000 2,016,000648,000 Sales Cost of goods solod Gross profit Operating income Gain on sale of division 1.344,000 Net income On October 15, 2018, Jackson entered into a tentative agreement to sell the assets of one of its divisions. The division qualifies as a component of an entity as defined by GAAP The division was sold on December 31, 2018, for $5,240,000. Book value of the division's assets was $4,560,000. The division's contribution to Jckson's operating income before-tax for each year was as follows: 2018 $440,000 2017 $340,000