The following condensed income statement of Ranger Corporation is presented for the two years ended December $31,2020$ and $2019$:

$20202019$Net sales$$10,000,000$$$9,000,000$Cost of sales$6,000,0006,000,000$Gross profit$ $4,000,000$$$3,000,000$Operating expense$2,500,0002,000,000$Operating income$ $1,500,000$$$1,000,000$Gain on sale of a component$900,000--$$ $2,400,000$$$1,000,000$Income tax expense$720,000300,000$Net income$ $1,680,000$$ $700,000$

On January $1,2020,$ Ranger entered into an agreement to sell one of its separate operating divisions for $$2,000,000.$ The sale resulted in a gain on disposition of $$900,000$ on November $12,2020,$ and qualifies as a discontinued component. This division's contribution to Ranger's reported income before income taxes for each year was as follows:

$2020$$$700,000$ loss$2019$$$400,000$ loss

Assume an income tax rate of $30\%.$

Refer to Exhibit $5-1.$ In the preparation of a revised comparative income statement, Ranger should report income from continuing operations after income taxes for $2020$ and $2019,$ respectively, amounting to

$$1,680,000$ and $$700,000.$

$$1,680,000$ and $$980,000.$

$$1,540,000$ and $$980,000.$

$$1,540,000$ and $$700,000.$