(Solution) - The items below are components of Patel Corporation s income sta -(2025 Original AI-Free Solution)

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The items below are components of Patel Corporation?s income statement for the year ended December 31, 2011. Recast the income statement in proper multistep form, including allocation income taxes to appropriate items (assume a 30 percent income tax rate) and showing earnings per share figures (100,000 shares outstanding).
Sales ....................... $ 555,000
Cost of goods sold................. (275,000)
Operating expenses................. (112,500)
Restructuring.................... (55,000)
Total income taxes expenses for period.......... (89,550)
Income from discontinued operations........... 80,000
Gain on Disposal of discontinued operations ....... 70,000
Extraordinary gain.................. 36,000
Net income ..................... $208,950