P2-7 Partial income statement with discontinued operations Paveen Corporation acquired a 30 percent interest in Cang Corporation at book value on January 1, 2014. Information for 2016 is given below: a. Cang declared and paid dividends of $75,000. b. Cangs income from continuing operations was at $200,000. c. Cangs loss from discontinued operations was at $50,000. d. Cangs extraordinary gains were at $80,000. R E Q U I R E D : Show how Paveens income from Cang should be reported for 2016 by means of a partial income statement for Paveen Corporation.