Question - Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2011:
Income from continuing operations before income taxes $110,000
Extraordinary gain on property condemnation 28,000
Extraordinary loss on natural disaster (50,000)
Canton is subject to a 30% tax rate.
Required: Prepare the December 31, 2011, income statement for Canton Corporation, starting with income from continuing operations before income taxes.