Business application- Assume that Karib Corporation's chief financial officer gave you the following information: net sales, $720,000; cost of goods sold, $350,000; loss from discontinued operations (net of income tax benefit of $70,000), $200,000; loss on disposal of discontinued operations (net of income tax benefit of $16,000), $50,000; operating expenses, $130,000; income taxes expense on continuing opera- tions, $100,000. Prepare the company's income statement for the year ended June 30, 2014.