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* period income tax allocation procedures to both statements. Problem 4-45 Reporting Special Income Items Plush lextiles Inc. shows a retained earnings balance on January 1, 2015, of $580,000. For 2015, the income from continuing operations was $225,000 before income tax. Following is a list of special items Income from operations of a discontinued textiles division. $22.000 Loss on the sale of the textiles division .... 60,000 Extraordinary gain... 31,000 Correction of sales understatement in 2014 (net of income taxes or $17,309 to be paid when amended 2014 return is filed)... 32,500 Omission of depreciation charges of prior years (a claim has been filed for an income tax refund of $6,400)... 16,000 Income taxes paid during 2015 were $87,200, which consisted of the tax on continuing operations, plus $8,800 resulting from operations of the discontinued textiles division and $12.400 from the extraordinary gain, less a $24,000 tax reduction for the loss on the sale of the textiles division. Dividends of $45,000 were declared by the company during the year (30,000 shares of common stock are outstanding). Instructions: Prepare the income statement for Plush Textiles Inc, beginning with income from continu- ing operations before income taxes. Include an accompanying retained earnings statement