The company's product liability insurance coverage with respect to insured events occurring af. ter January 1 of the current year is substantially less than the amount of that insurance available in the recent past. The company is now predominantly self-insured in this area. The reduction in insurance coverage reflects trends in the liability insurance field generally and is not unique to the company. BLEMS-SET A Income Statement Format The following information from Belvidere Company's current opera- tions is available: . $73,000 772,000 Loss from operations of discontinued segment. . . . . . . . . . Gain on disposal of discontinued segment . . . . . . . .. . . . . . . 10,000 60,000 40,000 . Income taxes: Amount applicable to ordinary operations . Reduction applicable to loss from operations of discontinued segment Amount applicable to gain on disposal of discontinued segment 60,000 24,000 16,000 .. Requiread a. Prepare a multiple-step income statement. (Disregard earnings per share.)