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The preliminary 2024 income statement of Alexian Systems, Incorporated, is presented below: ALEXIAN SYSTEMS, INCORPORATED Income Statement For the Year Ended December 31, 2024 ($
The preliminary 2024 income statement of Alexian Systems, Incorporated, is presented below: ALEXIAN SYSTEMS, INCORPORATED Income Statement For the Year Ended December 31, 2024 ($ in millions, except earnings per share) Revenues and gains: Sales revenue Interest revenue Other income Total revenues and gains Expenses: Cost of goods sold Selling and administrative expense Income tax expense Total expenses Net Income Earnings per share Additional information: $ 440 9 131 580 250 154 44 448 $ 132 $ 13.20 1. Selling and administrative expense includes $31 million in restructuring costs. 2. Included in other income is $125 million in income from a discontinued operation. This consists of $90 million in operating income and a $35 million gain on disposal. The remaining $6 million is from the gain on sale of investments. 3. Cost of Goods Sold in 2024 includes an increase of $10 million to correct an understatement of Cost of Goods Sold in 2023. The amount is material. Required: Prepare a revised income statement for 2024 reflecting the additional facts. Use a multiple-step format. Assume that an income tax rate of 25% applies to all income statement items, and that 10 million shares of common stock were outstanding throughout the year. Note: Enter your answers in millions rounded to 2 decimal places. Round EPS answers to 2 decimal places. Gross profit Operating expenses: ALEXIAN SYSTEMS, INCORPORATED Income Statement For the Year Ended December 31, 2024 ($ in millions except per share data) Total operating expenses Operating income Other income: Operating income Other income: Total other income Income from continuing operations before income taxes Income from continuing operations Discontinued operations: Income on discontinued operations Net income Earnings per share: Net income
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