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 $4,400,000 $3,500,000 2,860,000 2.000.000 800,000 675,000 360,000 302,000 150,000 140,000 Interest expense 200,000 200,000 Loss on sale of assets of discontinued component 48,000 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 $48,000 less than their book value. Results of operations" for the component (included in the above account balances) were as follows: Page 218