USING THE INFORMATION BELOW, DETERMINE INCOME FROM CONTINUING OPERATIONS NET OF TAX TO BE REPORTED ON THE INCOME STATEMENT,

Assume a 30% tax rate on all items and that 100,000 shares of common stock were outstanding. All amounts (except for the beginning retained earnings balance are pretax numbers)

Retained Earnings, December 31,2019 $550,000

Net Sales 1,300,000

Selling expenses 200,000

Earthquake loss on plant(unusual) 280,000

Cash dividend(declared preferred) 12,000

COGS 780,000

Gain from error on depreciation charge 2015 510,000

Dividend revenue 60,000

Admin expenses 40,000

unrealized holding loss 30,000

Gain on disposal 100,000