Prepare a corporate income statement in good form from the following year-end balances as of December 31, 2010, from the general ledger of Hammond Corporation. Assume 10,000 shares of common stock are outstanding for the year. S 24,000 120,000 Administrative Expenses Cost of Goods Sold DiscontinuedOperations (1) Income from the Operations of Discontinued Segment (net of taxes, S10,000) (2) Loss on Disposal of Segment (net of taxes savings, $5,000) Extraordinary Loss from Fire (net of tax savings, $1,250) Income Taxes Applicable to Continuing Operations Sales 30,000 15,000 5,000 12,000 240,000 72,000 Selling Expenses