Income Statement Sections

During the current year, Newtech Corporation sold a segment of its business at a loss of $$618,750.$

Until it was sold, the segment had a current period operating loss of $$550,000.$ The company had

$$2,062,500$ from continuing operations for the current year.

Prepare the lower part of the income statement, beginning with the $$2,062,500$ income from

continuing operations. Follow tax allocation procedures, assuming that all changes in income

are subject to a $30\%$ income tax rate. Disregard earnings per share disclosures.

$($Round all calculations to nearest dollar amount.$)$