On September $1,2024,$ Jacob Furniture Mart enters into a tentative agreement to sell the assets of its Office Furniture division. This

division qualifies as a component of the entity according to GAAP regarding discontinued operations. The division's contribution to

Jacob's operating income for $2024$ was a $$3\mathrm{.}20$ million loss before income tax. Jacob has an average tax rate of $25\%.$

Assume that Jacob had not yet sold the division's assets by the end of $2024.$ Further, assume that the fair value less cost to sell of the

division's assets on December $31,2024,$ was $$24\mathrm{.}20$ million and was expected to remain the same when the assets are sold in $2025.$

The book value of the division's assets was $$19\mathrm{.}18$ million at the end of $2024.$

Required:

What would Jacob report in its $2024$ income statement regarding the Office Furniture division?

What would Jacob report in its $2024$ balance sheet regarding the information provided for Office Furniture Division?

Note: Enter your answer in millions rounded to $1$ decimal place $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}5).$ Cells should not

be left blank.