A corporation has a tax rate of 40 percent and income before non-operating items of $928,000 (net of tax) for the year ended December 31, 2014.

The company also has the following items (gross amounts).

Unusual loss $148,000

Extraordinary loss 404,000

Gain on disposal of equipment 32,000

Change in accounting principle that

increased prior year's income 212,000

Prepare a partial income statement beginning with $928,000