The items below are components of Patel Corporation’s income statement for the year ended December 31, 2011. Recast the income statement in proper multistep form, including allocation income taxes to appropriate items (assume a 30 percent income tax rate) and showing earnings per share figures (100,000 shares outstanding).Sales ………………….. $ 555,000Cost of goods sold…………….. (275,000)Operating expenses…………….. (112,500)Restructuring……………….. (55,000)Total income taxes expenses for period………. (89,550)Income from discontinued operations……….. 80,000Gain on Disposal of discontinued operations ……. 70,000Extraordinary gain……………… 36,000Net income ………………… $208,950View Solution:
The items below are components of Patel Corporation s income sta



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