Terwilliger Corporation owns a number of cruise ships and a chain of hotels. The

Terwilliger Corporation owns a number of cruise ships and a chain of hotels. The hotels which have not been profitable were discontinued on September 1 2014. The 2014 operating results for the company were as follows. Operating revenues $12824600Operating expenses 8657800 Operating income $ 4166800 Analysis discloses that these data include the operating results of the hotel chain which were operating revenues $1953900 and operating expenses $2437800. The hotels were sold at a gain of $184600 before taxes. This gain is not included in the operating results. During the year Terwilliger suffered an extraordinary loss of $803300 before taxes which is not included in the operating results. In 2014 the company had other revenues and gains of $139100 which are not included in the operating results. The corporation is in the 27% income tax bracket. Prepare a condensed income statement.