Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2021: Income from continuing operations before income taxes Gain on disposal of discontinued component Loss from operations of discontinued component $ 115,000 32,500 (55,000) Canton is subject to a 25% tax rate. Required: Prepare the December 31, 2021, income statement for Canton Corporation, starting with income from continuing operations before income taxes. (Amounts to be deducted should be indicated with a minus sign.) CANTON CORPORATION Partial Income Statement For the Year Ended December 31, 2021 Income from continuing operations before income taxes Income tax expense $ 115,000 (28,750) $ 86,250 Income from continuing operations Discontinued operations: Loss from operations of discontinued component 0 Loss on discontinued operations Net income (loss) $ 69,375