E 4-7 Income statement presenttion; discontinued operations; restructuring costs LO4-1, LO4-3, LO4-4 Esquire Comic Book Company had income before tax of $1,000,000 in 2024 before considering the following material items: 1. Esquire sold one of its operating divisions, which qualified as a separate component according to generally accepted accounting principles. The before-tax loss on disposal was $340,000. The division generated before-tax income from operations from the beginning of the year through disposal of $500,000. 2. The company incurred restructuring costs of $80,000 during the year. Required: Prepare the income statement for Esquire beginning with income from continuing operations. Assume an income tax rate of 25%. Ignore EPS disclosures