Chance Company had two operating divisions, one manufacturing farm equipment and the other office supplies. Both divisions are considered separate components as defined by generally accepted accounting principles. The farm equipment component had been unprofitable, and on September 1, 2024, the company adopted a plan to sell the assets of the division. Consider the following: - The actual sale was completed on December 15,2024 , at a price of $600,000. The book value of the division's assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale. - The division incurred a before-tax operating loss from operations of $120,000 from the beginning of the year through December 15. - Chance's after-tax income from its continuing operations is $550,000. - The income tax rate is 25% Required: Prepare an income statement beginning with income from continuing operations. Include appropriate EPS disclosures assuming that 100,000 shares of common stock were outstanding throughout the year. Note: Amounts to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places. Required: Prepare an income statement beginning with income from continuing operations. Include appropriate EPS disclosures assuming that 100,000 shares of common stock were outstanding throughout the year. Note: Amounts to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places. The following is a partial trial balance for General Lighting Corporation as of December 31, 2024: Income tax expense has not yet been recorded. The income tax rate is 25% of income before income taxes. Required: 1. Prepare a single-step income statement for 2024 . 2. Prepare a multiple-step income statement for 2024. Complete this question by entering your answers in the tabs below. Prepare a single-step income statement for 2024. Prepare a single-step income statement for 2024. GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2024 Revenues and gains: Prepare a multiple-step income statement for 2024. Nr2. amaunte ta ha dedurted chnuld ha indicated with a minus sian