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 $2,190,000 Income tax expense 547,500 Income from continuing operations 1,642,500 Discontinued operation: Loss from disposal of discontinued division (net of $62,500 income tax recovery) 187,500 Net income $1,455,000 Prepare the general journal entry, if any, that Corbeil should make at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Loss on Disposal of Assets 250000 Loss on Discontinued Operations 250000 (To correct for error in recording of disposal.) Prepare a revised draft of the partial income statement at December 31, 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) CORBEIL LIMITED INCOME STATEMENT (partial) FOR THE YEAR ENDED DECEMBER 31, 2020 Income before income taxes Income taxes Net income $