Presented below is an income statement for Pharoah Company for the year ended December 31, 2020. Pharoah Company Income Statement For the Year Ended December 31, 2020 Net sales $800,000 Costs and expenses: Cost of goods sold 543,000 Selling, general, and administrative expenses 67,000 Other, net 36,000 Total costs and expenses 646,000 Income before income taxes 154,000 Income taxes 46,200 Net income $107,800 Additional information: 1. "Selling, general, and administrative expenses" included a usual but infrequent charge of $6,500 due to a loss on the sale of investments. 2. "Other, net consisted of interest expense, $10,000, and a discontinued operations loss of $26,000 before taxes. If the discontinued operations loss had not occurred, income taxes for 2020 would have been $54,000 instead of $46,200. 3. Pharoah had 20,000 shares of common stock outstanding during 2020. Using the single-step format, prepare a corrected income statement, including the appropriate per share disclosures. (Round earnings per share to 2 decimal places, e.g. $1.48.) Pharoah Company Income Statement For the Year Ended December 31, 2020 Net Sales 800,000 Costs and Expenses ): ( Cost of Goods Sold - 543,000 Selling, General, and Administrative Expenses ) 60,500 Interest Expense ) 10,000 6,500 C Infrequent Charge-Loss on Sale of Investments ) Total Costs and Expenses ) 620,000 180,000 ( Income from Continuing Operations Before Taxes :) I Less 1 Net Income / (Loss) Per Share of Common Stock: (Income from Continuing Operations Discontinued Operations Loss, Net of Tax ) Net Income / (Loss) )