The Blues Corporation reported the following for the year ended December 31, 2011:

Sales ...................$ 425,000

Cost of goods sold.............. 185,000

Interest income ..............4,000

Gain on sale of equipment ..........6,000

Selling and administrative expenses........ 18,000

Interest expense ...............2,000

Extraordinary gain ..............23,000

Loss from discontinued segment operations ....(9,500)

Gain on disposal of discontinued segment .....34,000

Requirement

Assume the corporation is subject to a 30% tax rate. Prepare an income statement for the year ended December 31, 2011.