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

Income before income taxes

$$603,000$

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

Income from continuing operations $,361,800$

Gain from discontinued operations $,96,000$

Net income

$$457,800$

The gain from discontinued operations consists of two parts: a $$48,000$ loss from operations and a $$144,000$ 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.

FLINT CORPORATION

Income Statement $($Partial$)$

For the Year Ended October $31,2022$

Income Before Income Taxes

Income Tax Expense

Income from Contlruing Operations

Dlscontinued Operatlons

Galn from Dlsposal of Operatlons

Loss from Operatlons

Net Income $/($Loss$)$