The preliminary 2008 income statement of Athletic Footwear, Inc. follows.

Additional facts pertaining to the company’s 2008 operations follow:
. Selling and administrative expenses included \($6,231,000\) in restructuring costs.
. Other income represents a gain on the early extinguishment of debt.
. Early debt extinguishment is part of Athletic Footwear’s risk management strategy.
. A tax rate of 38% applies to all items.
. Athletic Footwear had 50,000,000 shares of common stock outstanding throughout 2008.
SP WHNW . Discontinued operations, as reported, resulted from the sale of Athletic Footwear’s manufacturing facility (in addition to selling brand name shoes, the company sold shoes of its own manufacture under the AFRules brand). In the future, Athletic Footwear will carry only brand name footwear in its stores. Included in the reported loss was a loss of \($19,402,000\) attributable to the sale of the manufacturing division’s assets; the remainder of the loss stems from the division’s pre-sale operations.
Required:
Prepare a revised multiple-step income statement reflecting the additional facts in the preceding information (include required EPS data).

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Income Statement For the Year Ended December 31, 2008 ($ in 000, except earnings per share) Revenues and gains: Net sales $257,348 Other income 26,533 Interest 790 Total revenue and gains $284,671 Expenses and losses: Cost of goods sold $159,556 Selling and administrative Discontinued operations Income taxes Total expenses Net income Earnings per share 17,228 $256,562 $ 28,109 $ 0.56 48,896 30,882