Reference no: EM13609489

Cheaney Corporation owns a number of cruise ships and a chain of hotels. The hotels, which have not been profitable, were discontinued on September 1, 2008. The 2008 operating results for the company were as follows. Operating revenues $12,850,000 Operating expenses 8,700,000 Operating income $ 4,150,000 Analysis discloses that these data include the operating results of the hotel chain, which were: operating revenues $2,000,000 and operating expenses $2,400,000.The hotels were sold at a gain of $200,000 before taxes. This gain is not included in the operating results. During the year, Cheaney suffered an extraordinary loss of $800,000 before taxes, which is not included in the operating results. In 2008, the company had other revenues and gains of $100,000, which are not included in the operating results. The corporation is in the 30% income tax bracket. Prepare a condensed income statement. (List amounts from largest to smallest eg 10, 5, 3, 2.) CHEANEY CORPORATION Condensed Income Statement For the Year Ended December 31, 2008 Operating revenues $ Income from operations Income before income taxes Income from continuing operations Discontinued operations $ Income before extraordinary item Extraordinary item Net income $.