The following condensed statements of the Lewis Holding Company are presented for the two years ended December 31, 2014 and 2013:

2014	2013
sales	15,000,000	12,600,000
COGS	9,200,000	8,200,000
Gross profit	5,800,000	4,400,000
Operating expense	3,300,000	2,300,000
operating income	2,500,000	2,100,000
Gain on sale of Assets	100,000
Impairment loss on assets of division held for sale	(120,000)
2,480,000	2100,00
Income tax expense (40%)	992,000	840,000

Net Income 1,488,000 1,260,000

Other relevant information: (1) On December 1, 2014, Lewis entered into a tentative agreement to sell the assets of one its divisions. The division comprises a component of the business and its sale is considered a strategic shift in the companys operations. The sale is expected to be completed in early 2015. The book value of the divisions assets on December 31, 2014 is $5,200,000 and the estimated fair value (net of expected costs to sell) is $5,080,000. The divisions contribution to Lewis operating income before-tax for each year was as follows: 2014 Operating Loss: ($80,000) 2013 Operating Income: $120,000 (2) On July 1, 2014, Lewis decided to dispose of a group of assets that was not considered a component of the entity under U.S. GAAP. The sale of the asset group is also not considered a strategic shift in the companys operations. The book value of the asset group was $800,000. The assets were sold on December 1, 2014 for $900,000 (net of selling costs). Required: Prepare revised income statements for 2013 and 2014 according to U.S. GAAP, beginning with income from continuing operations. Assume a tax rate of 40%. You may ignore EPS disclosures.