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Problem 4-1 (Algo) Comparative income statements; multiple-step format [LO4-1, 4-3, 4-4, 4-5] 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 defined by GAAP. The ossets of the component were sold on September 30,2024 , for $92,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: In addition to the account balances above, several events occurred during 2024 that have not yet been reflected in the above accounts: 1. A fire caused $61,000 in uninsured damages to the main office buliding. The fire was considered to be an unusual event. 2. Inventory that had cost $51,000 had become obsolete because a competitor introduced a better product. The inventory was written down to its scrap value of $5,000. 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 400,000 shares of outstanding common stock. Note: Round EPS answers to 2 decimal olaces. Prepare a multiple-step income statement for the Reed Company for 2024 , showing 2023 information in comparative format, including ncome taxes computed at 25% and EPS disclosures assuming 400.000 shares of outstanding common stock. Note: Round EPS answers to 2 decimal places. \begin{tabular}{|l|l|l|} \hline & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}