Propare e moltiple step inceme statement epplying geoerally socepted secounting princlples, The income tax rate is 25%. Be sure to isclude appropeiate beadings and subtotal tites. Aa extample of a multiplestep income statement can be found in Illustration 44 of this chuptert. Gance Company had two operating divisicns, one manufacturing farm equipment aed the other office supplies. Both divisions are considertd separase componests as defined by generally accepted accocating pritciples. The farm equipment component had been unprofitable, and on Sepiember 1,2024, the company adopted a plan to sel the asses of the division. Coatider the following: * The sctial sale was completed ea December 15, 2024, et a price of 5600,000 . The book value of the divithon's assets was $1,000,000, resultieg in a before-tax loss of $400,000 oa the sale. - Ths division incurred ta before-tnx operating loss from operations of $120,000 from the begineing of the year through December 15 . - Chance's after-tix incorat from its continuing operations is $550,000. - The income tux rate is 25%. Prepare an isceine statement bezinaing with incotne from coatinuing operatiocs. Include approprate EPS disclosures essiming that 100,000 sbares of common rtock were oussanding throwghout the year