E 4-7 Esquire Comic Book Company had income before tax of $1,000,000 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, LO4-3, 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