Nola Corporation Gathered the Following Information for the Fiscal Year

Essay

Nola Corporation gathered the following information for the fiscal year ended December 31 2017: $$\begin{array} { l r } \text { Sales } & \$ 1,300,000 \\\text { Discontinued operations loss } & 110,000 \\\text { Selling and administrative expenses } & 160,000 \\\text { Cost of goods sold } & 900,000 \\\text { Loss on sale of equipment } & 40,000\end{array}$$ Nola Corporation is subject to a 30% income tax rate.
Instructions
Prepare a partial income statement beginning with income before income taxes.