P 4-2 Discontinued operations [04-4 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, Jacison entered iato a teatative acreemeat to sell the assets of one of its divisions. The division qualifies as a component of an entily as defined by GAMP. The divivon was sold on December 31,2024, for $5,000,000. Book value of the division's assets was $4,400,000. The division's contribution to fackoe's operatine income before-tax for each year was as follow: Assume an income tax rate of 25x. 1. Prepare revised income statements according to generally accepted accounting principles, beginning with income from continuing operations before income taxes. Innore EPS disclosures. 2. 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 $5,000,000. What would be the amount prevented for discontinued operations? 3. 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 $3,900,000. What would be the amount presented for discontinued operations