) Corbeil Limited, a private company following ASPE, disposed of some assets during the fiscal year ended December 31, 2020. Based on the research done by the assistant controller, journal entries were made and the following first draft of the income statement was prepared. As controller, you have determined that the assets disposed of do not qualify for treatment as a discontinued operation.

Income from continuing operations before income tax	$1,860,000
Income tax expense	465,000
Income from continuing operations	1,395,000
Discontinued operation:
Loss from disposal of discontinued division (net of $60,000 income tax recovery)	180,000
Net income	$1,215,000

What effect will this change have on the assets and liabilities reported on the SFP at December 31, 2020?

Prepare a revised draft of the partial income statement at December 31, 2020.