Prepare a scrip of correction (statement of how each correction should be completed including which class of income result is affected, what dollar amounts are involved and the tax consequences of each).. Use thorough and concise grammatically correct statements. Prepare a corrected INCOME STATEMENMT for the year 20XX starting with the Income from Continuing Operations before Taxes. Compute earnings per share as it should be shown on the fact of the income statement. (assume a total effective tax rate of 38 percentage on all items, unless indicated otherwise). Michele Green Corp. has 100,000 shares of common stock outstanding. In 20XX the company reports income from income not from continuing operations before taxes of dollar 1, 210,000. Additional transactions not considered in the dollar 1, 210,000 are as follows: In 20XX, the company reviewed its accounts receivable and determined that dollar26,000 of accounts receivable that had been carried for years appeared unlikely to be collected. An internal audit discovered that amortization of intangible assets was understated by dollar35,000 (net of tax) in a prior period. The amount was charged against retained earnings. The company sold its only investment in common stock during the year at a gain of dollar145,000. In 20XX Michele Green Corp, sold equipment for dollar 40,000. The machine had originally cost dollar 80,000 and had accumulated depreciation of dollar 36,000. The gain or loss is considered ordinary. The company discontinued operations of one of its subsidiaries during the current year at a loss of dollar 190,000 before taxes. Assume that this transaction meets the criteria for discontinued operations. The loss on operation of this discontinued subsidiary was dollar 90,000 before taxes; the loss from disposal of the subsidiary was dollar 100,000 before taxes. The sum of dollar 100,000, applicable to a breached 200X contract, was received as a result of a lawsuit. Prior to the award, legal counsel was uncertain about the outcome of the suit and had not established a receivable