Exercise 4-7 (Algo) Income statement presentation; discontinued operations; restructuring costs [LO4-1, 4-3, 4-4] Esquire Comic Book Company had income before tax of $1,200,000 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 $360,000. The division generated before-tax income from operations from the beginning of the year through disposal of $540,000. 2. The company incurred restructuring costs of $75,000 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. Note: Amounts to be deducted should be indicated with a minus sign. ESQUIRE COMIC BOOK COMPANY Partial Income Statement For the Year Ended December 31, 2024 Income from continuing operations Discontinued operations: Loss from operations of discontinued component Income tax benefit Income (loss) on discontinued operations Net income (loss) 0