For the year ending December $31,2024,$ Olvo Corporation had income from continuing operations before taxes of $$1,260,000$ before considering the following transactions and events. All of the items described below are before taves and the amounts should be considered materlal.

In November $2024,$ Oliwo sold its PizzaPasta restaurant chain that qualified as a component of an entity. The company had adopted a plan to sell the chain in May $2024.$ The income from operattons of the chain from January $1,2024,$ through November was $$166,000$ and the loss on sale of the chain's assets was $$312000.$

$2$ In $2024,$ Olvo sold one of tis six factories for $$1,320,000.$ At the time of the sale, the factory had a book value of $$1,160,000.$ The factory was not considered a component of the entty.

In $2022$ Olvo's accountant omitted the annual adjustment for patent amortization expense of $$126,000.$ The error was not discovered until December $2024.$

Required:

Prepare Olvo's Income statement, beginning with Income from continuing operations before taxes, for the year ended December $31,2024.$ Assume an income tax rate of $25\%.$ Ignore EPS disclosures.

Note: Amounts to be deducted should be indicated with a minus sign.