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Required: Refer to the information presented on the Income Statement. Prepare a revised income statement for 2021 reflecting the additional facts. Use a multiple-step format
Required:
Refer to the information presented on the Income Statement. Prepare a revised income statement for 2021 reflecting the additional facts. Use a multiple-step format similar to Illustration 4-4 of this chapter to prepare income from continuing operations, and then add to this the discontinued operations portion of the income statement.
Assume that an income tax rate of 25% applies to all income statement items, and that 300 million shares of common stock were outstanding throughout the year.
The preliminary 2021 income statement of Alexian Systems, Inc., is presented below: ALEXIAN SYSTEMS, INC. Income Statement For the Year Ended December 31, 2021 (\$ in millions, except earnings per share)
Required:
Refer to the information presented on the Income Statement. Prepare a revised income statement for 2021 reflecting the additional facts. Use a multiple-step format similar to Illustration 4-4 of this chapter to prepare income from continuing operations, and then add to this the discontinued operations portion of the income statement.
Assume that an income tax rate of 25% applies to all income statement items, and that 300 million shares of common stock were outstanding throughout the year.
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