Exercise 4-7 (Algo) Income statement presentation; discontinued operations; restructuring costs [LO4-1, 4-3, 4-4] Esquire Comic Book Company had income before tax of $1,950,000 in 2024 before considering the following material items 1. 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 $435,000. The division generated before-tax income from operations from the beginning of the year through disposal of $690,000. 2. The company incurred restructuring costs of $60,000 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 Note: Amounts to be deducted should be indicated with a minus sign. Ignore EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign. ESQUIRE COMIC BOOK COMPANY Partial Income Statement For the Year Ended December 31, 2024 Income from continuing operations Discontinued operations Income (loss) on discontinued operations Net income (loss) L3