Income statement presentation; discontinued operations; restructuring costs [LO4-1, 4-3, 4-4] Esquire Comic Book Company had income before tax of $1,350,000 in 2021 before considering the following material items:. 1. 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 $375,000. The division generated before-tax income from operations from the beginning of the year through disposal of $570,000.
2. The company incurred restructuring costs of $90,000 during the year.
Required:
Prepare a 2018 income statement for Esquire beginning Ignore EPS disclosures. (Amounts to be deducted should be indicated with a mínus sign.) with income from continuing operations. Assume an income tax rate of 40%. ESQUIRE COMIC BOOK COMPANY Partial Income Statement For the Year Ended D r 31, 2018 operations gain (loss)