Check my work For the year ending December 31, 2021. Olivo Corporation had income from continuing operations before taxes of $1,250,000 before considering the following transactions and events. All of the items described below are before taxes and the amounts should be considered material. 7 nces 1. In November 2021. Olivo sold its PizzaPasta restaurant chain that qualified as a component of an entity. The company had adopted a plan to sell the chain in May 2021. The income from operations of the chain from January 1, 2021, through November was $165,000 and the loss on sale of the chain's assets was $310,000. 2. In 2021. Olivo sold one of its six factories for $1,300,000. At the time of the sale, the factory had a book value of $1,150,000. The factory was not considered a component of the entity. 3. In 2019. Olivo's accountant omitted the annual adjustment for patent amortization expense of $125,000. The error was not discovered until December 2021. Required: Prepare Olivo's income statement, beginning with income from continuing operations before taxes, for the year ended December 31, 2021. Assume an income tax rate of 25%. Ignore EPS disclosures. (Amounts to be deducted should be indicated with a minus sign.) OLIVO CORPORATION UVUVI. V. ons the facto a book value of $1150,000. The factory was not considered a component of the entity. 3. In 2019, Olivo's accountant omitted the annual adjustment for patent amortization expense of $125,000. The error was not discovered until December 2021 Jediat. ion ook Required: Prepare Olivo's income statement, beginning with income from continuing operations before taxes, for the year ended December 31, 2021. Assume an income tax rate of 25%. Ignore EPS disclosures. (Amounts to be deducted should be indicated with a minus sign.) Tint rences OLIVO CORPORATION Partial Income Statement For the Year Ended December 31, 2021 Income from continuing operations before income taxes 0 Income from continuing operations Discontinued operations: 0 Loss on discontinued operations Net income $ 0 Required. Prepare Olivo's income statement, beginning with income from continuing operations before taxes, for the year ended December 31, 2021. Assume an income tax rate of 25%. Ignore EPS disclosures. (Amounts to be deducted should be indicated with a minus sign.) Jediat pon Book OLIVO CORPORATION Print Partial Income Statement Terences For the Year Ended December 31, 2021 Income from continuing operations before income taxes 0 Gain on sale of division Income from operations of discontinued component Income tax benefit Income tax expense Loss from operations of discontinued component 0 $ 0