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}{llr} \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 taxes savings, \( \$ 5.000 \) ) } &15,000\\\text { Extraordinary Loss from Fire (net of tax savings, } \$ 1,250 \text { ) } & 5,000 \\\text { Income Taxes Applicable to Continuing Operations } & 12,000 \\\text { Sales } & 240,000 \\\text { Selling Expenses } & 72,000\end{array}$