Corporate Income Statement Es. The items below are components of Patel Corporation's income statement for the year ended December 31, 2011. Recast the income statement in proper multistep form, including allocating income taxes to appropriate items (assume a 30 percent income tax rate) and showing eamings per share figures (100,000 shares outstanding) Sales Cost of goods sold Operating expenses Restructuring Total income taxes expense for period Income from discontinued operations Gain on disposal of discontinued operations Extraordinary gain Net income Earnings per share |S $ 555.000 (275.000) (112,500) (55,000) (89,550) 80.000 70,000 36,000 S 208.950 $ 2.09