10.5 The income statement of the GLOBE Corporation for two years, is shown blow, use this income statement to calculate Pre-tax income (2020) GLOBAL CONGLOMERATE CORPORATION Income Statement Year Ended December 31 (in $ million) 2019 2020 "Total sales 188.5 175.2 Cost of sales 156,2 154.1 Gross Profit Selling general, and administrative expenses 11.2 Research and development 3.1 Depreciation and amortization Operating Income Other income Earnings Before Interest and Taxes (EBIT) Interest income (expense) Pretax Income 0.8 Taxes Net Income Earnings per share! Diluted earnings per share: 1.9 1.2 1.2 0.9 0.5 0.5 0.4 0.5 0.8 0.4 Earnings Before Interest and Taxes (EBIT) Interest income (expense) 0.5 Pretax Income Taxes Net Income Earnings per share: Diluted earnings per share: Global has 2.2 million shares outstanding 7 7.4 16.8