For the year ending December $31,2021,$ Olivo Corporation had income from continuing operations before taxes of $$1,300,000$ before considering the following transactions and events. All of the items described below are before taxes and the amounts should be considered material.

In November $2021,$ Olivo sold its PizzaPasta restaurant chain that qualified as a component of an entity. The company had adopted a plan to sell the chain in May $2021.$ The income from operations of the chain from January $1,2021,$ through November was $$170,000$ and the loss on sale of the chain's assets was $$320,000.$

In $2021,$ Olivo sold one of its six factories for $$1,400,000.$ At the time of the sale, the factory had a book value of $$1,200,000.$ The factory was not considered a component of the entity.

In $2019,$ Olivo's accountant omitted the annual adjustment for patent amortization expense of $$130,000.$ The error was not discovered until December $2021.$

Required:

Prepare Olivo's income statement, beginning with income from continuing operations before taxes, for the year ended December $31,2021.$ Assume an income tax rate of $25\%.$ Ignore EPS disclosures. $($Amounts to be deducted should be indicated with a minus sign.$)$

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