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Selected Information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): Sales revenue Cost of goods sold Administrative expense Selling expense Interest revenue Interest expense Loss on sale of assets of discontinued component 2021 2020 $4,600,000 $3,700,000 2.900,000 2,040,000 840,000 715,000 400,000 342,000 154,000 144.000 200.000 200.000 64,000 On July 1, 2021, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2021, for $64,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: Sales revenue Cont of goods sold Administrative expense Selling expense Operating income before taxes 1/1/2021-9/30/2021 $440,000 (310,000) (54,000) (24.000) $ 52,000 2020 $540,000 (344,000) (44,000) (24,000) $ 128,000 addition to the account balances above, several events occurred during 2021 that have not yet been reflected in the above ccounts: A fire caused $54,000 in uninsured damages to the main office building. The fire was considered to be an unusual event Inventory that had cost $44,000 had become obsolete because a competitor introduced a better product. The inventory was written down to its scrap value of $7,000. Income taxes have not yet been recorded. REED COMPANY Comparative Income Statements For the Years Ended December 31 2021 2020 Gross profit (loss) Operating expenses: Total operating expenses Operating income Other income (expense): Total other income, net Income from continuing operations before income taxes Income from continuing operations Discontinued operations: Total operating expenses Operating income Other income (expense): Total other income, net Income from continuing operations before income taxes Income from continuing operations Discontinued operations: Income (loss) on discontinued operations Net income Earnings per share: Net income