For its fiscal year ending October $31,2022,$ Blue Corporation reports the following partial income statement data.

Income before income taxes

Income tax expense $(40\%$$$603,000),241,200$

Income from continuing operations $,361,800$

Gain from discontinued operations $,134,000$

Net income

$$603,000$

$241,200$

$361,800$

$134,000$

$$495,800$

The gain from discontinued operations consists of two parts: a $$67,000$ loss from operations and a $$201,000$ gain from the disposal of

the operation. The income tax rate is $40\%$ on all items.

Prepare a correct income statement, beginning with income before income taxes.

BLUE CORPORATION

Income Statement $($Partial$)$