Selected information about income statement accounts for the Reed Company is presented below phe company's fiscal year ends on December 31): On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entily as defined by GAAP. The assets of the component were sold on September 30,2024 , for $56,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: In addition to the account balances above, several events occurred during 2024 that have not yot been reflected in the above accounts: 1. A fire caused $52,000 in uninsured damages to the main office building. The fire was considered to be an unusual event. 2 Inventory that had cost $42,000 had become obsolete because a competitor introduced a better product. The imventory was written down to its scrap value of $5,000. 3. Income taxes have not yet been tecorded. Required: Propare a mutiple-step income statement for the Reed Company for 2024, showing 2023 information in comparative format, including income taves computed at 25% and EPS disclosures assuming 300,000 shares of outstanding common stock. Note: Round EPS answers to 2 decimal ploces. Selected information about income statement accounts for the Reed Company is presented below phe company's fiscal year ends on December 31): On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entily as defined by GAAP. The assets of the component were sold on September 30,2024 , for $56,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: In addition to the account balances above, several events occurred during 2024 that have not yot been reflected in the above accounts: 1. A fire caused $52,000 in uninsured damages to the main office building. The fire was considered to be an unusual event. 2 Inventory that had cost $42,000 had become obsolete because a competitor introduced a better product. The imventory was written down to its scrap value of $5,000. 3. Income taxes have not yet been tecorded. Required: Propare a mutiple-step income statement for the Reed Company for 2024, showing 2023 information in comparative format, including income taves computed at 25% and EPS disclosures assuming 300,000 shares of outstanding common stock. Note: Round EPS answers to 2 decimal ploces