2024 – Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31 2011

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 condemnsation 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.