The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31. On October 15, 2024. Jackson entered into a tentauve ayrwe. assets of one of its divisions. The division qualifies as o component of an enty as defined by GAAP. The division was sold on December 31,2024 , for $5,420,000, Book value of the 2024 i 4470,000 Assume an income tax rate of 25% Note: 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 Required: 1. Prepare revised income statements according to generally accepted accounting principles, beginning with income from on a separate line. division's assets was $4,680,000. The division's contribution to Jackson's operating income before-tax for each year was as follows: 2024$470,000 2023$370,600 Assume an income tax rate of 25%. Required: Note: 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. 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 31,2024 , 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 $5,420,000. Prepare revised income statements according to generally accepted accounting principles, beginning with income from continuing operations before income taxes. Ignore EPS disclosures. 3. 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 $4,040,000. Prepare revised income statements according to generally accepted accounting principles, beginning with income from continuing operations before income taxes. Ignore EPS disciosures. Answer is not complete. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. 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. 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 $5,420,000. 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. Assume that by December 31,2024 , the division had not yet been sold but was considered held for sale. The fair value of the Assume that by December 31,2024 , the division had not yet been sold but was considered held for sale. The fair value 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
