Cabell Inc $\bullet$ On December 31, 2009, Borrowed Long-Term Debt of $50,000 That

Cabell Inc. reported 'income from operations before taxes' in the amount of $402,000 before including the following items for the year ending December 31, 2009:
$\bullet$ On December 31, 2009, borrowed long-term debt of $50,000 that limits dividends to 10 percent of net income from continuing operations
$\bullet$ $21,000 unrealized gain from fair value adjustment related to available-for-sale investments
$\bullet$ $30,000 loss recognized on the sale of a trading security
$\bullet$ $58,000 loss recognized on a lawsuit relating to patent violations
$\bullet$ $11,000 government fine for environmental violation
$\bullet$ $63,000 write-down of obsolete inventory
$\bullet$ $25,000 loss on the early retirement of debt.
The company's income tax rate is 30 percent. No taxes have been considered in any information provided. Prepare a calculation of income from operations starting with income from operations before taxes, as tentatively reported. Omit the heading. Be sure to label correctly.