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Question - Esquire Comic Book Company had income before tax of $1,300,000 in 2018 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 $380,000. The division generated before-tax income from operations from the beginning of the year through disposal of $560,000. Neither the loss on disposal nor the operating income is included in the $1,300,000 before-tax income the company generated from its other divisions.
2. The company incurred restructuring costs of $85,000 during the year.
Required: Prepare the 2018 income statement for Esquire beginning with income from continuing operations. Assume an income tax rate of 40%. Ignore EPS disclosures.
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