LeBron's Bookstores has two divisions: books and electronics. The electronics division had another great year in 2021 with net sales of $9.0 million, cost of goods sold of $5.5 million, operating expenses of $1 million, and income tax expense of $625,000. The book division did not do as well and was sold during the year. The loss from operations and sale of the book division was $700,000 before taxes and $525,000 after taxes. Required: Prepare the multiple-step income statement for LeBron's Bookstores, including the proper reporting for the discontinued book division. (Enter your answer in dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000).) Net sales > Answer is complete but not entirely correct. LEBRON'S BOOKSTORES Income Statement For the Year Ended December 31, 2021 $ 9,000,000 Cost of goods sold Operating expenses Gross profit Income before tax Income tax expense Operating expenses Income from continuing operations Discontinued operation: Loss from disposal of book division, net of tax Net income (5,000,000) x (1,000,000) x 4,000,000 3,000,000 -625,000 (700,000) 2,375,000 (525,000) $ 1,150,000