Assume that the Shortall Furniture Company's chief financial officer gave you the following infor-

LO 1 Corporate Income Statement LO 2 Tax Effect Accounting mation: Net Sales, 1,900,000; Cost of Goods Sold, 1,050,000; Extraordinary Gain (net of income taxes of 3,500 ), 12,500; Loss from Discontinuing Operations (net of income tax benefit of 30,000 ), 50,000 ; Loss on Disposal of Discontinuing Operations (net of income tax benefit of 13,000 ), 35,000 ; Selling Expenses, 50,000; Administrative Expenses, 40,000 ; Income Taxes Expense on Continuing Operations, 300,000 .

From this information, prepare the company's income statement for the year ended June 30 20xx. (Ignore earnings per share information.)