DATE Mallow, Inc. presented th anow, Inc. presented the following income statement for the year ended December 31, 2017 for your review. Sales $ Cost of Goods Sold Gross Profit Operating Expenses Income From Operations Other Income/Expenses: Interest Expense Income Before Taxes Income taxes (30%) Net Income $ 780,000 410,000 370,000 265,000 105,000 (5,000) 100,000 30,000 20,000 Earnings Per Share $7.00 The Company has not yet considered the following items in preparing the income statement, and none of them have been included in the amounts above. 1. The company had a gain on the sale of some of its investments for 2017, in the amount of $20,000, before taxes. 2. The Company discovered an error that was made in its 2016 income statement during 2017. The error would have increased the 2016 income by $14,000 before taxes. 3. The Company decided to discontinue one of its operations during the year. The discontinued operation had a net loss of $18,000, before taxes, during 2017 4. The company changed its accounting for inventory during 2017. The cost of goods sold on the income statement above is based upon the new principle. The cumulative effect of the change in principle on prior years is an increase in income in the amount of $10,000, before taxes. Mallow, Inc. had 10,000 shares of its common stock outstanding during all of 2017. The Company's income tax rate is 30% on all items. REQUIRED: Prepare an updated corrected income statement for 2017 for Mallow, Inc., using the income statement presented and any of the additional information provided, as necessary