212 SECTION 1 The Role of Accounting as an Information System E 4-7 Esquire Comic Book Company had income before tax of S1,000,000 in 2021 before considering the following Income statement material items: presentation: 1. Esquire sold one of its operating divisions, which qualified as a separate component according to gener- discontinued ally accepted accounting principles. The before-tax loss on disposal was $340,000. The division generated operations: before-tax income from operations from the beginning of the year through disposal of $500,000, restructuring 2. The company incurred restructuring costs of $80.000 during the year. costs L04-1, L04-3 Required: L04-4 Prepare a 2021 income statement for Esquire beginning with income from continuing operations. Assume an income tax rate of 25% Ignore EPS disclosures