Ali Co., a publicly traded company, has prepared its income statement for the year ending December 31, 2020. The income statement includes the results of operation for a geographic segment that was discontinued on December 30, 2020. Ali Co. Statement of Income For the year ended December 31, 2020 Sales COGS Gross Profit Selling, general and administrative (S,G&A) expenses Income before tax Income tax expense Net income 9,800,000 4,500,000 5,300,000 3,300,000 2,000,000 500,000 1,500,000 Additional information The company's discontinued geographic segment reported the following for 2020: sales of $1,200,000, COGS of $850,000, and S,G&A expenses of $380,000. Geographic Segment's assets: Carrying value Fair value Costs to sell 4,500,000 4,700,000 400,000 Required: Prepare a revised income statement for the year ending December 31, 2020 in proper format based on the information provided above