P$4\mathrm{.}7$ The following financial statement was prepared by employees of Intellisys Corporation, which follows ASPE:

Intellisys Corporation Income Statement Year Ended December $31,2023$

Sales revenue

$$

Gross sales revenue, including sales taxes

$$1,044,300$

Less: Sales returns and allowances

$56,200$

Net sales revenue

$988,100$

Dividend revenue, interest income, and purchase discounts

$30,250$

Recoveries of accounts written off in prior years

$13,850$

Total revenues

$1,032,200$

Operating expenses

$$

Cost of goods sold

$465,900$

Salaries and wages expense

$60,500$

Rent expense

$19,100$

Freight in and freight out

$3,400$

Bad debt expense

$27,800$

Total operating expenses

$576,700$

Income before unusual items

$455,500$

Unusual items

$$

Loss on discontinued styles $($Note $1)$

$37,000$

Loss on disposal of FV$-$NI investments $($Note $2)$

$39,050$

Loss on disposal of warehouse $($Note $3)$

$86,350$

Tax assessments for $2022$ and $2021($Note $4)$

$34,500$

Total unusual items

$196,900$

Net income

$$258,600$

Net income per common share

$$2\mathrm{.}30$

Note $1$: New styles and rapidly changing consumer preferences resulted in a $$37,000$ loss on the disposal of discontinued styles and related accessories.

Note $2$: The corporation sold an investment in trading securities at a loss of $$39,050.$ The corporation normally sells securities of this type.

Note $3$: The corporation sold one of its warehouses at an $$86,350$ loss $($net of taxes$).$

Note $4$: The corporation was charged $$34,500$ for additional income taxes resulting from a settlement in $2023.$ Of this amount, $$17,000$ was for $2022,$ and the balance was for $2021.$ This type of litigation recurs frequently at Intellisys.