3. Canton Corporation reported the following items in its adjusted trial balance for theyear 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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