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Canton Corporation reported the following items in its adjusted trial balance for the year ended...

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Accounting

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.

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