Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2011:

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)

Extraordinary gain on property condemnsation 28,000)

Extraordinary loss on natural disaster (50,000)

Canton is subject to a 30% tax rate.

Required: Prepare the December 31, 2011, income statement for Canton Corporation, starting with income from continuing operations before income taxes.