Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): Sales revenu Cost of goods sold Administrative expense Selling expense Interest revenue Interest expense Loss on sale of assets of discontinued component 2021 $4,900,000 2020 $4,000,000 2,960,000 2,100,000 900,000 775,000 460,000 402,000 160,000 150,000 220,000 220,000 88,000 On July 1, 2021, 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, 2021, for $88,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: