Sheridan Corporation had income from continuing operations of $751,000 (after taxes) in 2020. In addition, the following information, which has not been considered, is as follows.

1. A machine was sold for $158,000 cash during the year at a time when its book value was $133,000. (Depreciation has been properly recorded.) The company often sells machinery of this type.
2. Sheridan decided to discontinue its stereo division in 2020. During the current year, the loss on the disposal of this component of the business was $212,000 less applicable taxes.

Present in good form the income statement of Sheridan Corporation for 2020 starting with "income from continuing operations." Assume that Sheridan's tax rate is 30% and 200,000 shares of common stock were outstanding during the year. (Round per share values to 2 decimal places, e. g. $1.48.)

Astudent was asked to draw a demand and supply graph to illustrate the effect on the market for premium bottled water of a fall in the price of electrolyteselectrolytes used in some brands of premium bottled​ water, holding everything else constant. she drew the graph to the right and explained it as​ follows: ​"electrolyteselectrolytes are an input to some brands of premium bottled​ water, so a fall in the price of electrolyteselectrolytes will cause the supply curve for premium bottled water to shift to the right​ (from upper s 1s1 to upper s 2 right parenthesis .s2). because this shift in the supply curve results in a lower price left parenthesis upper p 2 right parenthesis commap2, consumers will want to buy more premium bottled water and the demand curve will shift to the right​ (from upper d 1d1 to upper d 2 right parenthesis .d2). we know that more premium bottled water will be​ sold, but we​ can't be sure whether the price of premium bottled water will rise or fall. that depends on whether the supply curve or the demand curve has shifted farther to the right. i assume that the effect on supply is greater than the effect on​ demand, so i show the final equilibrium price left parenthesis upper p 3 right parenthesisp3 as being lower than the initial equilibrium price left parenthesis upper p 1 right parenthesis .p1.​" where is the flaw in the​ student's argument? supply will shift inward. demand will not shift. demand will shift inward.