Selected information about income statement accounts for the Reed Company is presented below (the December 31): 2021 2020 Sales revenue $4,600,000 $3,700,000 2,900,000 840,000 400,000 154,000 208,000 64,000 Cost of goods sold Administrative expense Selling expense Interest revenue Interest expense Loss on sale of assets of discontinued component 2,040,000 715,000 342,000 144,000 208,000 On July 1, 2021, the company adopted a plan to discontinue a division that qualifies as a component of The assets of the component were sold on September 30, 2021, for $64,000 less than their book value component (included in the above account balances) were as follows: 1/1/2021-9/30/2021 $440,000 (310,000) (54,000) (24,000) 2020 $ 540,000 (344,000) (44,000) (24,000) $ 128,000 Sales revenue Cost of goods sold Administrative expense Selling expense Operating income before taxes $2,000 In addition to the account balances above, several events occurred during 2021 that have not yet been accounts: In addition to the account balances above, several events occurred during 2021 that have not yet bee accounts: 1. A fire caused $54,000 in uninsured damages to the main office building. The fire was considered to 2. Inventory that had cost $44,000 had become obsolete because a competitor introduced a better p written down to its scrap value of $7,000. 3. Income taxes have not yet been recorded. Required: Prepare a multiple-step income statement for the Reed Company for 2021, showing 2020 information income taxes computed at 25% and EPS disclosures assuming 500,000 shares of outstanding comma deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places.) REED COMPANY Comparative Income Statements For the Years Ended December 31 2021 2020 Gross profit (loss) Operating expenses 0 Gross profit (loss) Operating expenses: Total operating expenses 0 0 Operating income Other income (expense): 0 0 Total other income, net 0 Income from continuing operations before income taxes Income from continuing operations Discontinued operations: 0 0 Income (loss) on discontinued operations 0