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Exercise 4-7(Algo) Income statement presentation; discontinued operations; restructuring costs [LO4-1,4-3,4-4] Esquire Comic Book...

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Accounting

Exercise 4-7(Algo) Income statement presentation; discontinued operations; restructuring costs [LO4-1,4-3,4-4]
Esquire Comic Book Company had income before tax of $1,600,000 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 $400,000. The division generated before-tax income from operations from the beginning of the year through disposal of $620,000.
The company incurred restructuring costs of $65,000 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.
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