Prepare a Corporate Income Statement in Good Form from the Following

Prepare a corporate income statement in good form from the following year-end balances as of December 31,20xx,from the general ledger of Hammond Corporation.Assume 10,000 shares of common stock are outstanding for the year.
$\begin{array}{lr}\text { Administrative Expenses}&\$24,000\\\text { Cost of Goods Sold}&120,000\\\text { Discontinued Operations}\\ \text { (1) Income from the Operations of Discontinued Segment (net of taxes, \( \$ 10,000 \) )}&30,000\\\text { (2) Loss on Disposal of Segment (net of tax savings, \( \$ 5,000 \) )}&15,000\\\text { Extraordinary Loss from Fire (net of tax savings, \( \$ 1,250 \) )}&5,000\\ \text { Income Taxes Applicable to Continuing Operations } & 12,000 \\\text { Sales } & 240,000 \\\text { Selling Expenses } & 72,000\end{array}$