Prepare the December 31, 2018, income statement for Canton Corporation, starting with income from continuing operations before income taxes. (Amounts to be deducted should be indicated with a minus sign.)

Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2018: Income from continuing operations before income taxes Gain on disposal of discontinued component Loss from operations of discontinued component $113,000 30,700 (53,000) Canton is subject to a 30% tax rate. Required: Prepare the December 31, 2018, income statement for Canton Corporation, starting with income from continuing operations before income taxes. (Amounts to be deducted should be indicated with a minus sign.) CANTON CORPORATION Partial Income Statement For the Year Ended December 31, 2018 ncome from continuing operations before income taxes Income tax expense $113,000 33,900 $146,900 ncome from continuing operations Discontinued operations: $21,490 Income from operations of discontinued component Loss from operations of discontinued component 21,490 $168,390 et income