Problem $4-1($Static$)$ Comparative income statements; multiple$-$step format $[$LO$4-1,4-3,4-4,4-5]$ Selected information about income statement accounts for the Reed Company is presented below $($the company's fiscal year ends on December $31)$: $20242023$Sales revenue$ $4,400,000$$ $3,500,000$Cost of goods sold$2,860,0002,000,000$Administrative expense$800,000675,000$Selling expense$360,000302,000$Interest revenue$150,000140,000$Interest expense$200,000200,000$Loss on sale of assets of discontinued component$48,000$ On July $1,2024,$ the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September $30,2024,$ for $$48,000$ less than their book value. Results of operations for the component $($included in the above account balances$)$ were as follows: $1/1/20249/30/20242023$Sales revenue$ $400,000$$ $500,000$Cost of goods sold$(290,000)(320,000)$Administrative expense$(50,000)(40,000)$Selling expense$(20,000)(20,000)$Operating income before taxes$ $40,000$$ $120,000$ In addition to the account balances above, several events occurred during $2024$ that have not yet been reflected in the above accounts: A fire caused $$50,000$ in uninsured damages to the main office building. The fire was considered to be an unusual event. Inventory that had cost $$40,000$ had become obsolete because a competitor introduced a better product. The inventory was written down to its scrap value of $$5,000.$ 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 $300,000$ shares of outstanding common stock. Note: Round EPS answers to $2$ decimal places.