5.25/7 E Teal Mountain Corporation had income from continuing operations of $480,000 for the year ended December 31, 2020. It also had a loss of $50,000 on discontinuance of a division (before income taxes). All items are subject to income taxes at a 25% tax rate. Prepare a partial income statement, beginning with income from continuing operations. TEAL MOUNTAIN CORPORATION Partial Income Statement For the Year Ended December 31, 2020 Income from continuing operations 480.000 Discontinued operations Loss on discontinued division 12500.00 Net income/Boss)