Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): Sales revenue Cost of goods sold Administrative expense Selling expense Interest revenue Interest expense ook Loss on sale of assets of discontinued component 2024 2023 $ 4,800,000 $3,900,000 2,940,000 2,080,000 880,000 755,000 440,000 382,000 158,000 148,000 216,000 216,000 80,000 int 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 $80,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: ences Sales revenue Cost of goods sold Administrative expense Selling expense 1/1/2024- 9/30/2024 $ 480,000 (330,000) (58,000) (28,000) 2023 $ 580,000 (368,000) Operating income before taxes i $ 64,000 (48,000) (28,000) $136,000 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 $58,000 in uninsured damages to the main office building. The fire was considered to be an unusual event. 2. Inventory that had cost $48,000 had become obsolete because a competitor introduced a better product. The inventory was written down to its scrap value of $8,000. 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 500,000 shares of outstanding common stock. Note: Amounts to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places.