Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2011::
|
Income from continuing operations before income taxes |
110,000 |
|
Extaordinary |
28,000 |
|
Conton is subject to a 3% tax rate. |
Required:
Prepare the December 31, 2011, income statement for Canton Corporation, starting with income from continuing operations before income taxes.