Check my work The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2021 and 2020: Sales revenue Cost of goods sold Gross profit Operating expenses Operating income Gain on sale of division 2021 2020 $15, 200, eee $9,800,000 9, 300, eee 6, 100, eee 5,90e, eee 3,700, eee 3,280, eee2,680, oee 2,620,eee 1,020, eee 620, eee 3,240,000 1,020,000 810, eee 255, eee $ 2,430,000 $ 765,000 Income tax expense Net income On October 15 2021 larvenn antarar inte atentative anreement to call the accate of one of its Check my work On October 15, 2021, 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, 2021, for $5,060,000. Book value of the division's assets was $4,440,000. The division's contribution to Jackson's operating income before-tax for each year was as follows: 2021 2020 $410,000 $310, een Assume an income tax rate of 25%. Required: (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.) 1. Prepare revised income statements according to generally accepted accounting principles, beginning with income from continuing operations before income taxes. Ignore EPS disclosures. 2. Assume that hy December 31 2021 the division had not vet heen sold hut was considereri held Check my work Required: (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.) 1. Prepare revised income statements according to generally accepted accounting principles, beginning with income from continuing operations before income taxes. Ignore EPS disclosures. 2. Assume that by December 31, 2021, 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 $5,060,000. Prepare revised income statements according to generally accepted accounting principles, beginning with income from continuing operations before income taxes. Ignore EPS disclosures. 3. Assume that by December 31, 2021, 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 $3,920,000. Prepare revised income statements according to generally accepted accounting principles, beginning with income from continuing operations before income taxes. Ignore EPS disclosures. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare revised income statements according to generally accepted accounting principles, beginning wi continuing operations before income taxes. Ignore EPS disclosures. (Amounts to be deducted should be minus sign.) JACKSON HOLDING COMPANY Comparative Income Statements (in part) For the Years Ended December 31 2020 Check FVE COS SUGU EUGEOT 2021 2020 Income from continuing operations before income taxes Income from continuing operations Discontinued operations gain (loss): Income from discontinued operations Net income Check my work Required 1 Required 2 Required 3 Assume that by December 31, 2021, the division had not yet been sold but was considered held for sal division's assets on December 31 was $5,060,000. Prepare revised income statements according to ger accounting principles, beginning with income from continuing operations before income taxes. Ignore E disclosures. (Amounts to be deducted should be indicated with a minus sign.) JACKSON HOLDING COMPANY Comparative Income Statements (in part) For the Years Ended December 31 2021 Income from continuing operations before income taxes 2020 Prev 1 of 2 Next > equired 3 2021, the division had not yet been sold but was considered held for sale. The fair value of the 31 was $5,060,000. Prepare revised income statements according to generally accepted with income from continuing operations before income taxes. Ignore EPS ducted should be indicated with a minus sign.) Show less ACKSON HOLDING COMPANY jarative Income Statements (in part) or the Years Ended December 31 2021 2020 refore income taxes For the Years Ended December 31 2021 2020 Income from continuing operations before income taxes Income from continuing operations Discontinued operations gain (loss): Income from discontinued operations Net income Prev 1 of 2 Next > Check my work Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assume that by December 31, 2021, the division had not yet been sold but was considered held for sale division's assets on December 31 was $3,920,000. Prepare revised income statements according to geni accounting principles, beginning with income from continuing operations before income taxes. Ignore EP disclosures. (Amounts to be deducted should be indicated with a minus sign.) JACKSON HOLDING COMPANY Comparative Income Statements (in part) Check my 2021 2020 Income from continuing operations before income taxes Income from continuing operations Discontinued operations gain (loss): Income from discontinued operations Net income