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 $ 4,750,000 $ 3,850,000 Cost of goods sold 2,930,000 2,070,000 Administrative expense 870,000 745,000 Selling expense 430,000 372,000 Interest revenue 157,000 147,000 Interest expense 214,000 214,000 Loss on sale of assets of discontinued component 76,000 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 $76,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 1/1/20249/30/2024 2023 Sales revenue $ 470,000 $ 570,000 Cost of goods sold (325,000) (362,000) Administrative expense (57,000) (47,000) Selling expense (27,000) (27,000) Operating income before taxes $ 61,000 $ 134,000 In addition to the account balances above, several events occurred during 2024 that have not yet been reflected in the above accounts: A fire caused $57,000 in uninsured damages to the main office building. The fire was considered to be an unusual event. Inventory that had cost $47,000 had become obsolete because a competitor introduced a better product. The inventory was written down to its scrap value of $7,000. 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 400,000 shares of outstanding common stock.