Canton Corporation reported the following items $in$ its adjusted trial balance for the year ended December $31,2024$:

Income from continuing operations before income taxes $ $115,000$

Gain $on$ disposal $of$ discontinued component $32,500$

Loss from operations $of$ discontinued component $(55,000)$

Canton $is$ subject $toa25\%$ tax rate.

Required:

Prepare the December $31,2024,$ income statement for Canton Corporation, starting with income from continuing operations before income taxes.