The income statement below was prepared by a new and inexperienced employee department of Dexter. Inc., a business organized as a corporation: in the DEXTER, INC. ncome Statement For the Year Ended December 31, 2009 $10200 Net sales Gain on sale of treasury stock Excess of issuance price over par value of 56,000 710.00 80,000 110,000 $11,156,000 capital stock . . . .. . .. Prior period adjustment (net of income tax) Extraordinary gain (net of income tax) Total revenue Less: .. . $4,000,000 .. _....1,050,000 840,000 10,000 Selling expenses General and administrative expenses Loss from settlement of litigation... . Income tax on continuing operations . .. Operating loss on discontinued operations .. 612,000 180,000 (net of income tax benefit) . . . Loss on disposal of discontinued operations (net of income tax benefit) . . Dividends declared on common stock . . . . . . . . 240,000 300,000 Total costs and expenses Net income... 7,232,000 $ 3,924,000 structions Prepare a corrected income statement for the year ended December 31, 2009, using the fom illustrated in Exhibit 12-2. Include at the bottom of your income statement all appropri earnings per share figures. Assume that throughout the year the company had outstandin weighted average of 500,000 shares of a single class of capital stock. Prepare a statement of retained earnings for 2009. (As originally reported, retained earning December 31, 2008, amount to $3,200,000.) What does the $56,000 "Gain on sale of treasury stock" represent? How would you item in Dexter's financial statements at December 31, 2009