For the year ending December 31, 2018, Micron Corporation had income from continuing operations before taxes of $1,200,000 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 2018, Micron sold its Waffle House restaurant chain that qualified as a component of an entity. The company had adopted a plan to sell the chain in May 2018. The income from operations of the chain from January 1, 2018, through November was $160,000 and the loss on sale of the chains assets was $300,000.

In 2018, Micron sold one of its six factories for $1,200,000. At the time of the sale, the factory had a book value of $1,100,000. The factory was not considered a component of the entity.

In 2016, Microns accountant omitted the annual adjustment for patent amortization expense of $120,000. The error was not discovered until December 2018.

Required: Prepare Microns income statement, beginning with income from continuing operations before taxes, for the year ended December 31, 2018. Assume an income tax rate of 30%. Ignore EPS disclosures. (Amounts to be deducted should be indicated with a minus sign.

MICRON CORPORATION
Partial Income Statement
For the Year Ended December 31, 2018
Income from continuing operations before income taxes
Income tax benefit
Income from continuing operations
Discontinued operations:
Loss from operations of discontinued component
Income tax benefit
Loss on discontinued operations