The following is an income statement for Flux Corp. for its most recent fiscal year. The controller for the company, Marjorie Summit, has asked you to review the statement and make any required corrections to it and submit a memo to her. Multiphone Corp. Income Statement As of December 31, 2019 Sales revenue Cost of goods sold Gross profit $ 975,000 330,000 645,000 Operating expenses: General and administrative expenses Interest expense Selling expenses Loss from inventory write-down Total operating expenses Operating income 96,000 142,000 128,000 54,000 420,000 225,000 Other income (expense): Restructuring costs Loss on discontinued operations Total other income, net (18,000) (42,000) (60,000) Income before income taxes Income tax expense Net income 165,000 49,500 115,500 Additional information: 1. The tax rate is 30%. 2. The company disposed of its retail segment in 2019. The segment incurred an operating loss of $83,000 for the year. Additional information: 1. The tax rate is 30%. 2. The company disposed of its retail segment in 2019. The segment incurred an operating loss of $83,000 for the year. REQUIRED: 1. Prepare a corrected income statement for the period. 2. Write a memo to the controller of the company. Explain your corrections to the statement. 3. Email your memo and attached income statement