Pharoah Company has four operating divisions. During the first quarter of 2022, the company reported aggregate income from operations of $212,200 and the following divisional results.

		Division
		I		II		III		IV
Sales		$247,000		$198,000		$499,000		$448,000
Cost of goods sold		203,000		192,000		295,000		250,000
Selling and administrative expenses		69,800		57,000		65,000		48,000
Income (loss) from operations		$ (25,800)		$ (51,000)		$139,000		$150,000

Analysis reveals the following percentages of variable costs in each division.

		I			II			III			IV
Cost of goods sold		71	%		88	%		81	%		76	%
Selling and administrative expenses		38			59			50			60

Discontinuance of any division would save 50% of the fixed costs and expenses for that division. Top management is very concerned about the unprofitable divisions (I and II). Consensus is that one or both of the divisions should be discontinued.

Prepare a columnar condensed income statement for Pharoah Company, assuming Division II is eliminated. Division IIs unavoidable fixed costs are allocated equally to the continuing divisions. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)