Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2016:
Income from continuing operations before income taxes $110,000
Gain on disposal of discontinued component 28,000
Loss from operations of discontinued component (50,000)
Canton is subject to a 30% tax rate.
Required:
Prepare the December 31, 2016, income statement for Canton Corporation, starting with income from continuing operations before income taxes.
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