Gulf Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2021: Income from continuing operations before income taxes $ 113,000 Gain on disposal of the discontinued component 30,700 Loss from operations of the discontinued component (53,000) Gulf Corporation is subject to a 25% tax rate. Required: Prepare the December 31, 2021, income statement for Gulf Corporation, starting with income from continuing operations before income taxes. [4 Marks]