Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): 2024 2023 Sales revenue Cost of goods sold Administrative expense Selling expense Interest revenue Interest expense Loss on sale of assets of discontinued component $ 4,500,000 $3,600,000 2,880,000 2,020,000 820,000 695,000 380,000 322,000 152,000 142,000 204,000 56,000 204,000 On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entity 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: Sales revenue Cost of goods sold Administrative expense Selling expense Operating income before taxes 1/1/2024-9/30/2024 $420,000 (300,000) (52,000) (22,000) $ 46,000 2023 $520,000 (332,000) (42,000) (22,000) $ 124,000 In addition to the account balances above, several events occurred during 2024 that have not yet 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 inventory was written down to its scrap value of $5,000. 3. Income taxes have not yet been recorded. Required: Prepare a multiple-step income statement for the Reed Company for 2024, showing 2023 information in comparative format, including income taxes computed at 25% and EPS disclosures assuming 300,000 shares of outstanding common stock. Note: Round EPS answers to 2 decimal places. Sales revenue Cost of goods sold Gross profit (loss) Answer is not complete. REED COMPANY Comparative Income Statements For the Years Ended December 31 2024 2023 $ 4,080,000 ( $ 3,080,000 ( (2,580,000) ( 1,500,000 (1,688,000) 1,392,000 Operating expenses: Administrative expense 768,000 653,000 Selling expense 358,000 300,000 Loss on building (fire damage) 52,000 0 Loss on inventory write-down 37,000 0 Total operating expenses 1,215,000 953,000 Operating income Other income (expense): 285,000 439,000 Interest expense (204,000) (204,000) ( Interest revenue 152,000 142,000 ( Total other income, net (52,000) (62,000) Income from continuing operations before income taxes 233,000 377,000 Income tax expense (93,200) (150,800) Income from continuing operations 139,800 226,200 Discontinued operations: Income (loss) from operations of discontinued component 139,800 114,000 Income tax benefit (expense) 4,800 (45,600) Operating expenses: Administrative expense 768,000 653,000 Selling expense 358,000 300,000 Loss on building (fire damage) 52,000 0 Loss on inventory write-down 37,000 Total operating expenses 1,215,000 953,000 Operating income Other income (expense): 285,000 439,000 Interest expense (204,000) (204,000) Interest revenue 152,000 142,000 Total other income, net (52,000) (62,000) Income from continuing operations before income taxes 233,000 377,000 Income tax expense (93,200) (150,800) Income from continuing operations 139,800 226,200 Discontinued operations: Income (loss) from operations of discontinued component Income tax benefit (expense) Income (loss) on discontinued operations Net income 139,800 4,800 144,600 68,400 $ (4,800) $ 294,600 114,000 (45,600) Earnings per share: Net income