Violet Bick Corporation owns a number of cruise ships and

Violet Bick Corporation owns a number of cruise ships and a chain of hotels. The hotels which have not been profitable were discontinued on September 1 2012. The 2012 operating results for the company were as follows. Analysis discloses that these data include the operating results of the hotel chain which were: operating revenues $1954700 and operating expenses $2343600. The hotels were sold at a gain of $185100 before taxes. This gain is not included in the operating results. During the year Violet Bick suffered an extraordinary loss of $806100 before taxes which is not included in the operating results. In 2012 the company had other revenues and gains of $143800 which are not included in the operating results. The corporation is in the 32% income tax bracket. Prepare a condensed income statement. Condensed Income Statement For the Year Ended December 31 2012

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