For the year ending December 31, 2015, Carlton Corporation had income from continuing operations before taxes of $6, 500,000 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 2015, Carton decided to sell its hotel chain that qualified as a component of an entity. The company has a plan to sell the chain in June 2016. The loss from operations of the chain from the entire year 2015 was $1, 820,000 The fair value of the chain's assets minus cost of selling was estimated $31, 500,000, and its book value was recorded $29,000,000. In 2015, Carlton sold one of its ten shops for $13, 200,000. At the time of the sale, the shop had a carrying value of $12, 500,000. The shop was not considered a component of the entity. Required: Prepare Carlton's income statement, beginning with income from continuing operations before taxes, for the year ended December 31, 2015. Assume an income tax rate of 35%