Exercise $4-7($Algo$)$ Income statement presentation; discontinued operations; restructuring costs $[$LO$4-1,4-3,4-4]$

Esquire Comic Book Company had income before tax of $$1,600,000$ in $2024$ before considering the following material items:

Esquire sold one of its operating divisions, which qualified as a separate component according to generally accepted accounting principles. The before$-$tax loss on disposal was $$400,000.$ The division generated before$-$tax income from operations from the beginning of the year through disposal of $$620,000.$

The company incurred restructuring costs of $$65,000$ during the year.

Required:

Prepare the income statement for Esquire beginning with income from continuing operations. Assume an income tax rate of $25\%.$ Ignore EPS disclosures.