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 $15,400,000 $10,000,000 9,000,cee 5,200,000 6,000,000 .800.000 3,360,000 2,760,000 2,540,000 1,800,000 600.000 3,280,000 1,040,000 820,000 250,000 $ 2,460,000 $ 780,000 Income tax expense Net Inco 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 $5 120,000. Book value of the division's assets was 54.480,000. The division's contribution to Jackson's operating income before tax for each year was as follows 2021 200 0,00 .000 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) Prepare revised income statements according to generally accepted accounting peoples beginning with income from continuing operations before income taxes lgnore EPS disclosures 2. Assume that by December 31, 2021, the division had not yet been sold but was considered held for sale. The value of the divisions assets on December 31 was $5.120.000. Prepare revised income statements according to generally accepted accounting principles beginning with income from continuing operations before income to onore EPS as 3. Assume that by December 31 2021, the division had not yet been sold but was considered held on the wall of the divisions assets on December 3t was $3.940.000. Prepare revised income statements according to generally cooped accounting princes beginning with income from continuing operations before income more EPS odores