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

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Accounting

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Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2021: Income from continuing operations before income taxes Gain on disposal of discontinued component Loss from operations of discontinued component $ 100,000 19,000 (40,000) Canton is subject to a 25% tax rate. Required Prepare the December 31, 2021, income statement for Canton Corporation, starting with income from continuing operations before income taxes. (Amounts to be deducted should be indicated with a minus sign.) CANTON CORPORATION Partial Income Statement For the Year Ended December 31, 2021 $ 0 Income from continuing operations Discontinued operations Loss on discontinued operations Net income (los)

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