P2-7 Partial income statement with discontinued operations Paveen Corporation acquired a 30 percent interest in Cang Corporation at book value on January 1, 2014.

Information for 2016 is given below:

a. Cang declared and paid dividends of $75,000.

b. Cang’s income from continuing operations was at $200,000.

c. Cang’s loss from discontinued operations was at $50,000.

d. Cang’s extraordinary gains were at $80,000.

REQuIRED: Show how Paveen’s income from Cang should be reported for 2016 by means of a partial income statement for Paveen Corporation.