. Newborn Corporation reported a Retained Earnings Balance of $75,000 at January 1, 2020 and an Income from Operations of $585,000 for the year ended December 31, 2020. The following transactions occurred in 2020 but were not considered in the $585,000. Investments in equity securities sold resulted in a gain of $65,000 before taxes. Available-for-Sale Debt Securities experienced an unrealized holding loss of $23,000 before taxes. The corporation experiences a loss of $40,000 before taxes due to government assessment of a possible contamination. The company had never experienced a similar situation in its history. The corporation decided to change from the Last-In First-Out method of inventory to the First- In First-Out method. The effect of this change on prior years is an increase in cost of goods sold of $30,000 before taxes. The First-in First-out method has been used for 2020. The board of directors voted on January 1, 2020, to dispose of a segment of its business. On that date the book value of the segment was $1,500,000. The corporation was committed to the plan to sell and was actively looking for a buyer. The segment was sold on November 30, 2020 for $1,230,000. The segment generated a loss of $250,000 from operations from January 1, 2020 to the disposal date. The disposal of the segment is viewed as a strategic shift that will have a major effect on the operations and the financial results of the corporation. The board of directors declared a dividend of $20,000 on its preferred stocks and $10,000 on its common stocks. Calculate the income from continuing operations that should be reported in the income statement for the year ended December 31, 2020. Assume a tax rate of 20%. Please use the following format for your answer $XXX.XXX.XX