Assume that the St. Cloud Furniture Company’s chief financial officer gave you the following information: net sales, $3,800,000; cost of goods sold,

$2,100,000; extraordinary gain (net of income taxes of $7,000), $25,000; loss from discontinued operations (net of income tax benefit of $60,000),

$100,000; loss on disposal of discontinued operations (net of income tax benefit of $26,000), $70,000; selling expenses, $100,000; administrative expenses, $80,000; income taxes expense on continuing operations,

$600,000. From this information, prepare the company’s income statement for the year ended June 30, 20xx. (Ignore earnings per share information.)

Corporate Income Statement