Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2016:

Income from continuing operations before income taxes	$110,000
Gain on disposal of discontinued component	28,000
Loss from operations of discontinued component	(50,000 )

Canton is subject to a 30% tax rate. Required: Prepare the December 31, 2016, income statement for Canton Corporation, starting with income from continuing operations before income taxes.