Denver Corporation has the following events for the year ending December 31, 20XX.

Income tax rate is 30%.

Income from continuing operations - 487,200;

gain on disposal of plastics division - 500,000;

loss from tornado disaster - 600,000;

income from operations of plastic division - 70,000;

retained earnings - 675,000.

Instructions: prepare in proper format the income statement, starting with income from continuing operations.