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The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2013 and 2012: 2013 2012 Sales

The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2013 and 2012:

2013 2012
Sales $ 16,100,000 $ 10,700,000
Cost of goods sold 9,750,000 6,550,000
Gross profit 6,350,000 4,150,000
Operating expenses 3,640,000 3,040,000
Operating income 2,710,000 1,110,000
Gain on sale of division 710,000

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