Esquire Comic Book Company had income before tax of $1,650,000 in 2016 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 $415,000. The division generated before-tax income from operations from the beginning of the year through disposal of $630,000. Neither the loss on disposal nor the operating income is included in the $1,650,000 before-tax income the company generated from its other divisions. d 2. The company incurred restructuring costs of $70,000 during the year. Required: Prepare operations. Assume an income tax rate of 40%. Ignore EPS disclosures. (Amounts to be deducted should be indicated with a minus sign.) a 2016 income statement for Esquire beginning with income from continuing ESQUIRE COMIC BOOK COMPANY Partial Income Statement For the Year Ended December 31, 2016 Income from continuing operations 948,000 Discontinued operations gain (loss): Income from operations of discontinued component Income tax expense 215,000 (129,000) Income on discontinued operations 86,000 $ 1,034,000 Net income Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted