Cullumber Corporation had income from continuing operations of $760000 (after
taxes) in 2020. In addition, the following information, which has not been considered, is as follows.
1.A machine was sold for $137000 cash during the year at a time when its book value was $105500. (Depreciation has been properly recorded.) The company often sells machinery of this type.2.Cullumber decided to discontinue its stereo division in 2020. During the current year, the loss on the disposal of this component of the business was $220000 less applicable taxes.
Present in good form the income statement of Cullumber Corporation for 2020 starting with "income from continuing operations." Assume that Cullumber's tax rate is 30% and 200000 shares of common stock were outstanding during the year.