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Esquire Comic Book Company had income before tax of $1,500,000 in 2024 before considering the...

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Accounting

Esquire Comic Book Company had income before tax of $1,500,000 in 2024 before considering the following material items:
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 $390,000. The division generated before-tax income from operations from the beginning of the year through disposal of $600,000.
The company incurred restructuring costs of $55,000 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.
Answer is not complete.
\table[[ESQUIRE COMIC BOOK COMPANY,,],[Partial Income Statement,,],[For the Year Ended December 31,2024,,],[Income from continuing operations,,],[Discontinued operations:,1,500,000,],[Income from operations of discontinued component,375,000,],[Income tax expense,1,125,000,],[,,],[Income (loss) on discontinued operations,,1,500,000
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