Sandhill Corporation reported the following pre-tax amounts for the year ended August 31, 2021: profit before income tax (on the company's continuing operations), $390,000; loss from discontinued operations, $104.000; and gain on disposal of assets of discontinued operations, $73,000. Sandhill is subject to a 20% income tax rate. Assume that the profit before income tax of $390,000 is from $610,000 of revenue and $220,000 of operating expenses. Prepare an income statement. SANDHILL CORPORATION Statement of Income Year Ended August 31, 2021 Revenues $ (78000) i Income Tax Expense 312000 Profit from Continuing Operations V: Discontinued Operations