12. Given the following information about Fly Corporation's current-year activities, answer the questions listed below: Debits Sales Credits $ 185,000 Cost of goods sold $ 67,000 Operating expenses 32,000 Income from operations of discontinued Division W 41,000 (net of $5,000 tax) Loss on disposal of Division W (net of $14,000 68,000 tax benefit) Income tax expense 34,400 What amounts should be reported on the income statement as: (1) Income from continuing operations? (2) Net income? Please show your calculations supporting your answer.