During 2020, Baez Industries Inc. had income from continuing operations of $5,000,000, net of tax.

Additional information not included in the amount above: Baez disposed its business segment Contreras Manufacturing Co., a major component of its business. Baez realized a gain of $4,000,000, before taxes, on the sale of Contreras assets. Contreras operating losses, before taxes, were $3,500,000 in 2020. The applicable tax rate is 15%.

Prepare a partial income statement for Baez for 2020 including all of the information above.