I need help on understanding how to work this out. Please provide notes and explantions as I am preparing for a exam. I will give positive feed back. Please and thank you.

\f\fComplete this question by entering your answers in the tabs below. Required 1 Required 2 Required 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 $5,000,000. 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. Show less A nces JACKSON HOLDING COMPANY Comparative Income Statements (in part) For the Years Ended December 31 2024 2023 Income from continuing operations before income taxes Income from continuing operations Discontinued operations: Cost of goods sold $ O $ Gain on sale of division Required 3 > Income (loss) from operations of discontinued component Income tax benefit (expense) raw Prev 1 of 4 Next > OCT 27 CL XComplete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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. JACKSON HOLDING COMPANY Comparative Income Statements (in part) For the Years Ended December 31 2024 2023 Income from continuing operations before income taxes $ 700,000 $ 2,200,000 Income tax benefit (expense 175,000 550,000 Income from continuing operations 875,000 2,750,000 Discontinued operations Income (loss) from operations of discontinued component Income from discontinued operations 0 Net income $ 875,000 $ 2,750,000 OCT 27 CL M Q NA