Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): Sales revenue Cost of goods sold Administrative expense Selling expense Interest revenue Interest expense Loss on sale of assets of discontinued component 2021 2020 55,200,000 $4,300,000 3,020,000 2,160,000 960,000 835,000 520,000 462,000 166,000 156,000 232.000 232,000 112,000 On July 1, 2021, 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, 2021. for $112.000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 1/3/201207201 2020 Sales revenue $ 560,000 $ 660,000 Cost of woods sold (370.000) (416,000) Administrative expense (66.000) (56,000) Selling expense (16,000) (36,000) Operating income before taxes $ 8.000 $152,000 In addition to the account balances above several events occurred during 2021 that have not yet been reflected in the above accounts: 1. A fire caused $66,000 in uninsured damages to the main office building. The fire was considered to be an unusual event 2. Inventory that had cost $56,000 had become obsolete because a competitor introduced a better product. The inventory was written down to its scrap value of $7000 2. Income taxes have not yet been recorded Required: Prepare a multiple step income statement for the Reed Company for 2021. showing 2020 information in comparative format, including income taxes computed at 25% and EPS disclosures assuming 500,000 shares of outstanding common stock (Amounts to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places.) REED COMPANY Comparative Income Statements For the Years Ended December 31 2021 2020 Sales revenue Cost of goods sold Gross profit (loss Operating expenses Seling expense Administrative expense 0 Total operating expenses Operating income Other income (open) o 0 0 0 Total the income Income from continuing operations before income taxes D Total other income, net Income from continuing operations before income taxes 0 0 Income from continuing operations Discontinued operations: 0 0 0 Income (loss) on discontinued operations Net income Earnings per share: 0 $ 0 $ 0 Net income