Question

The preliminary 2011 income statement of Alexian Systems, Inc. is presented below:


Additional information:
1. Selling and administrative expenses include $26 million in restructuring costs.
2. Included in other income is an extraordinary gain of $120 million. The remaining $6 million is from the gain on sale of investments.
3. Cost of goods sold was increased by $5 million to correct an error in the calculation of 2010's ending inventory. The amount is material.

Required:
For each of the three additional facts listed above, discuss the appropriate presentation of the item described. Do not prepare a revisedstatement.


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  • CreatedJune 24, 2013
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