SIS earnings per S I with 2018 performance? Explain. 12-2, L012-5. The followine income statement was prepared by a new and inexperienced employee m the accounting department of Dexter, Inc., a business organized as a corporation 12.30 Unusual Events: A sive Problem DEXTER, INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2018 $10,200,000 56,000 710,000 190.000 $11,156,000 Net sales .... Gain on sale of treasury stock Excess of issuance price over par value of capital stock Prior period adjustment (net of income tax).. Total revenue ... Less: Cost of goods sold. Selling expenses ........ General and administrative expenses ........ Loss from settlement of litigation .......... Income tax on continuing operations Operating loss on discontinued operations (net of income tax benefit) ........ Loss on disposal of discontinued operations (net of income tax benefit) .... Dividends declared on common stock... Total costs and expenses.... Net income ..... $4,000,000 1,050,000 840,000 10.000 612,000 180,000 240,000 300,000 7.232,000 $ 3,924,000 Instructions O in the format a. Prepare a corrected income statement for the year ended December 31, 2018, using the illustrated in Exhibit 12-2. Include at the bottom of your income statement all appro earnings per share figures. Assume that throughout the year the company had outstan weighted average of 500,000 shares of a single class of capital stock. b. Prepare a statement of retained earnings for 2018. (As originally reported, retained an December 31, 2017, amount to $3,200,000.) c. What does the $56,000 "Gain on sale of treasury stock" represent? How would you item in Dexter's financial statements at December 31, 2018? Hled, retained earnings at uld you report this