htmi Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): Sales Cost of goods sold $5,488,eee $4,s80,869 3,860,00e 2,200,eee 1,800,eee 560,000 512,000 160,ee0 248,00e Interest Loss on sale of assets of discontinued component 240,000 130,800 On July 1, 2018, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by The assets of the component GAAP were sold on September 30, 2018, for $130,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows 2017 $ 600,00e0 (390,000) (7e,600) (40,000) (448,880) Cost of goods sold Administrative expenses Selling expenses Operating income before taxes (60,000) s 100 In addition to the account balances above, several events occurred during 2018 that have not yet been reflected in the above accounts: 1. A fire caused $70,000 in'uninsured damages to the main office building. The fire was considered to be an infrequent b Prey 1 of 1 Next 0