49. (10 pts) Vance Corporation had income from continuing operations of $800,000 (after taxes) in 2022. In addition, the following information, which has not been considered, is as follows. 1. In 2022, Vance adopted the double-declining balance method of depreciating equipment. Prior to 2022, Vance had used the straight-line method. The change decreases income for 2022 by $50,000 (pre-tax) and the cumulative effect of the change on prior years' income was a $200,000 (pre-tax) decrease. 2. A machine was sold for $140,000 cash during the year at a time when its book value was $100,000. (Depreciation has been proper- ly recorded.) The company often sells machinery of this type. 3 Vance decided to discontinue its stereo division in 2022. During the current year, the loss on the disposal of the segment of the business was $150,000 less applicable taxes. Present in good form the income statement of Vance Corporation for 2022 starting with "income from continuing operations." Assume that Vance's tax rate is 30% and 100,000 shares of common stock were outstanding during the year.

49. (10 pts) Vance Corporation had income from continuing operations of $800,000 (after taxes) in 2022. In addition, the following information, which has not been considered, is as follows. 1. In 2022, Vance adopted the double-declining balance method of depreciating equipment. Prior to 2022 , Vance had used the straight-line method. The change decreases income for 2022 by $50,000 (pre-tax) and the cumulative effect of the change on prior years' income was a $200,000 (pre-tax) decrease. 2. A machine was sold for $140,000 cash during the year at a time when its book value/was $100,000. (Depreciation has been properly recorded.) The company bften sells machinery of this type. 3 Vance decided to discontinue its stereo division in 2022 . During the current year, the loss on the disposat of the segment of the business was $150,000 less applicable taxes. Present in good form the income statement of Vance Corporation for 2022 starting with "income from continuing operations." Assume that Vance's tax rate is 30% and 100,000 shares of common stock were outstanding during the year