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For the year ending December 31, 2024, Olivo 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. 1 in November 2024, Olivo sold its PizzoPasta restaurant chain that qualified as a component of an entity. The company had adopted a plan to sell the chain in May 2024. The income from operations of the chain from January 1, 2024, through November was $160,000 and the loss on sale of the chain's assets was $300,000. 2 in 2024 , Olivo 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. 3. In 2022, Olivo's accountant omitted the onnual adjustment for patent amortization expense of $120,000. The errot was not discovered untli December 2024. Required: Prepare Ollvo's income statement, beginning with income from continuing operations before taxes, for the year ended December 31. 2024. Assume an income tax rate of 25%. Ignore EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign