Barkin Corporation's accounting records include the following items for the year ending December 31, 2017

Gain on Sale of Equipment $12,000 Gain on Discontinued Operations $75,000
Loss on Disposal of Equipment 5,000 Extraordinary Loss 15,000
Net Sales 650,000 Cost of Goods Sold 285,000
Operating Expenses 120,000

The income tax rate for the company is 25%. Prepare Barkin's income statement for the year ended December 31, 2017. Omit earnings per share.
What will be an ideal response

Barkin Corporation
Income Statement
Year Ended December 31, 2017
Net Sales $650,000
Cost of Goods Sold 285,000
Gross Profit 365,000
Operating Expenses 120,000
Operating Income 245,000
Other Revenues and (Expenses):
Gain on Sale of Equipment 12,000
Loss on Disposal of Equipment (5,000 )
Income Before Income Taxes 252,000
Income Tax Expense ($252,000 x 25%) 63,000
Income from Continuing Operations 189,000
Discontinued Operations Gain (less applicable tax
$75,000 x 25% = $18,750 ) 56,250
Income before Extraordinary Items 245,250
Extraordinary Loss (less applicable tax saving $15,000 x 25% = $3,750 ) (11,250 )
Net Income $234,000