Question 2: Emerald Comic Book Company had income before tax of $1,056,000 in Year 1 before considering the following material items: 1.Emerald 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 $324,800. The division generated before-tax income from operations from the beginning of the year through disposal of $464,000. Neither the loss on disposal nor the operating income is included in the $1,056,000 before-tax income the company generated from its other divisions. 2.The company incurred restructuring costs of $75,000 during the year. Required Prepare a Year 1 income statement for Emerald beginning with income from continuing operations. Assume an income tax rate of 25%. Ignore EPS disclosures