The following condensed income statements of the Jackson Holding Company are presented for the two years ended December $31.$ Prepare revised income statements according to generally accepted accounting principles, beginning with income f

continuing operations before income taxes. Ignore EPS disclosures.

Note: Amounts to be deducted should be indicated with a minus sign. Complete this question by entering your answers in the tabs below.

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 $$5,030,000.$ Prepare revised income statements according to generally accepted accounting principles, beginning with income from continuing operations before income taxes. Ignore EPS disclosures.

Note: Amounts to be deducted should be indicated with a minus sign.

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$\backslash$table$[[$JACKSON HOLDING COMPANY$],[$Comparative Income Statements $($in part$)],[$For the Years Ended December $31],[,,2024,,2023,],[$Income from continuing operations before income taxes,,,,,$],[$Income tax benefit $($expense$),,,,,],[?,,,,,],[$Income from continuing operations,,$0,,,0],[$Discontinued operations:,,,,,$],[$Income $($loss$)$ from operations of discontinued component,,,,,$],[$Income tax benefit $($expense$),,,,,],[$Income from discontinued operations,,$0,,,0],[$Net income,$$,0,$$$,,0]]$ Complete this question by entering your answers in the tabs below.

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 $$3,910,000.$ Prepare revised income statements according to generally accepted accounting principles, beginning with income from continuing operations before income taxes. Ignore EPS disclosures.

Note: Amounts to be deducted should be indicated with a minus sign.

$2024$ and $2023$ :

On October $15,2024,$ 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 $31,2024,$ for $$5,030,000.$ Book value of the division's

assets was $$4,420,000.$ The division's contribution to Jackson's operating income before$-$tax for each year was as follows:

$2024$$$495,900$

$2023$$$305,900$

Assume an income tax rate of $25\%.$

Required:

Note: In each case, net any galn or loss on sale of divislon with annual Income or loss from the dilvislon and show the tax effect on

a separate line.

Prepare revised income statements according to generally accepted accounting principles, beginning with income from

continuing operations before income taxes. Ignore EPS disclosures.

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 $$5,030,000.$ Prepare revised income statements according to generally accepted

accounting principles, beginning with income from continuing operations before income taxes. Ignore EPS disclosures.

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 $$3,910,000.$ 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.