The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2021 and 2020: On October 15, 2021, Jackson entered into a tentative agreement to sell the assets of one its divisions. The division qualifies as a component of an entity as defined by GAAP. The division was sold on December 31, 2021, for $5,000,000. Book value of the division's assets was $4,400,000. The division's contribution to Jackson's operating income before-tax for each year was as follows: Assume an income tax rate of 25%. Required: 1. Prepare revised income statements according to generally accepted accounting principles, beginning with income from continuing operations before income taxes. Ignore EPS disclosures. 2. Assume that by December 31,2021 , 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 presented for discontinued operations? 3. Assume that by December 31,2021 , 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