An inexperienced accountant for the Lima Corporation showed the following in Lima's income statement: Income before income taxes, \(\$ 300,000\); Income tax expense, \(\$ 72,000\); Extraordinary loss from flood (before taxes), \(\$ 60,000\); and Net income, \(\$ 168,000\). The extraordinary loss and taxable income are both subject to a \(30 \%\) tax rate. Prepare a corrected income statement beginning with "Income before income taxes."