The preliminary 2021 income statement of Alexian Systems, Inc., is presented below:

Additional Information:1. Selling and administrative expense includes $26 million in restructuring costs.2. Included in other income is $120 million in income from a discontinued operation. This consists of $90 million in operating income and a $30 million gain on disposal. The remaining $6 million is from the gain on sale of investments.3. Cost of goods sold was increased by $40 million to correct an error in the calculation of 2020?s ending inventory. The amount is material.

Required:For each of the three additional facts listed in the additional information, discuss the appropriate presentation of the item described. Do not prepare a revised statement.

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ALEXIAN SYSTEMS, INC. Income Statement For the Year Ended December 31, 2021 ($ in millions, except earnings per share) Revenues and gains: $ 425 Sales revenue Interest revenue 4 126 Other income Total revenues and gains 555 Expenses: Cost of goods sold Selling and administrative expense 245 154 Income tax expense 39 Total expenses 438 $ 117 Net Income $5.85 Earnings per share