Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31) On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entity as tlefined 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 (inchinded in the above account balonces) were as follows: In addition to the account balances above. several events occurred dunng 2024 that have not yet been reffected 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 be cause a competitor introduced a better prothuct. The inventory was written down to its scrop 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: Round EPS answers to 2 decimal places