Acc 3010.

REED COMPANY Comparative Income Statements For the Years Ended December 31 2016 2015 s Sales revenue 4,800,000 $3,800,000 Cost of goods sold (2,670,000) (1,760,000) Gross profit (loss) 2,130,000 2,040,000 Operating expenses (930.000) (815,000) Administrative (520.000) (462,000) Loss from fire damage (0,000) (53,000) Loss from write-down of obsolete inventory (1,573,000) (1,277,000) Total operating expenses 557,000 763,000 Operating income Other income (expense) 170,000 Interest revenue 160,000 Interest expense (240,000) (240,000) 70,000) 80.000) Total other expenses (net) 487000 683000 Income from continuing operations before income taxes (97,400) (136,600) Income from continuing operations 389,600 546,400 Discontinued operations Income (loss) from operations of discontinued component (30,000) 150,000 000 (30,000) Income tax benefit (expense) (24.000) 120,000 Income (loss) on discontinued operations 365,600 666,400 Net income Earnings per share: Income from continuing operations s 0.49 (003) Discontinued operations s 0.46 Net income