The preliminary 2024 income statement of Alexian Systems, Incorporated, is presented below. Additional information: 1....
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The preliminary 2024 income statement of Alexian Systems, Incorporated, is presented below. Additional information: 1. Selling and administrative expense includes $34 milion in restructuring costs 2. Included in other income is $125 million in income from a discontinued operation. This consists of $90 million in operating income and a $35 million gain on disposal. The remaining $9 million is from the gain on sale of investments. 3. Cost of Goods Sold in 2024 includes an increase of $10 million to correct an understatement of Cost of Goods Sold in 2023. The amount is material. Required: Prepare a revised income statement for 2024 reflecting the additional facts. Use a multiple-step format. Assume that an income tax rate of 25% applies to all income statement items, and that 10 million shares of common stock were outstanding throughout the year. Note: Enter your answers in millions rounded to 2 decimal places. Round EPS answers to 2 decimal places
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