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5 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%
5 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. \begin{tabular}{|c|c|c|} \hline Total operating expenses & & 0.00 \\ \hline Operating income & & 0.00 \\ \hline \multicolumn{3}{|l|}{ Other income: } \\ \hline \multicolumn{3}{|l|}{ Gain on sale of investments } \\ \hline \multicolumn{3}{|l|}{ Interest revenue } \\ \hline Total other income & & 0.00 \\ \hline Income from continuing operations before income taxes & & 0.00 \\ \hline & & \\ \hline Income from continuing operations & & 0.00 \\ \hline \multicolumn{3}{|l|}{ Discontinued operations: } \\ \hline \multicolumn{3}{|l|}{ Income from operations of discontinued component } \\ \hline Income on discontinued operations & & 0.00 \\ \hline \multicolumn{3}{|l|}{ Net income } \\ \hline \multicolumn{3}{|l|}{ Earnings per share: } \\ \hline \multicolumn{3}{|l|}{ Income from continuing operations } \\ \hline Discontinued operations & (3) & \\ \hline Net income & & \\ \hline \end{tabular} The preliminary 2024 income statement of Alexian Systems, Incorporated, is presented below. Additional information: 1. Selling and administrative expense includes $40 milion in restructuring costs. 2 . Included in other income is $132 million in income from a discontinued operation. This consists of $90 million in operating income and $42 million gain on disposal. The remaining $8 million is from the gain on sale of investments. 3. Cost of Goods Sold in 2024 includes an increase of $4 million to correct an understatement of Cost of Goods Sold in 2023. The amount is material
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