REED COMPANY Comparative Income Statements For the Years Ended December 31 2021 2020 $4,100,000 Sales revenue 5.000,000 Cost of goods sold 2,980,000 (x 2,020,000 2,120,000 Gross profit (oss) 1,980,000 Operating expenses 920,000x 795,000x Administrative expense 480,000 x Selling expense 4,220 62,000 Loss on building (fire damage) 0 47,000 0 Loss on inventory write-down 1,509,000 Total operating expenses 799,220 511,000 Operating income 1,180,780 Other income (expense): 152,000 Interest revenue 162,000 (224,000) Interest expense (224,000) Total other income, net (62,000) (72,000) 1,108,780x Income from continuing operations before income taxes 61,489x 277,195x Income tax expense 15,372 Income from continuing operations 46,117 831,585 Discontinued operations: 76.000x 144,000 Income (loss) from operations of discontinued component (95,000)x Loss on sale of investments Income (loss) on discontinued operations (20,000) 144,000 Net income s 26,117 $ 975,585 Earnings per share: Income from continuing operations Income on discontinued operations 166x 0.09xS (0.04)x 1.95 Net income 975.585.00 "Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted 26,117.00