Exercise 4: Presented below is an income statement for Kinder Company for the year ended December 31, 2019. Kinder Company Income Statement For the Year Ended December 31, 2019 Net sales 850,000 Costs and expenses: Cost of goods sold 640,000 Selling, general, and administrative expenses 70,000 Other, net 20,000 730,000 = Income before income taxes 120,000 - Income taxes _(36,000) Net income 84.000 Additional information: 1. "Selling, general, and administrative expenses" included a charge of 7,000 for impairment of intangibles. (other income and expenses) 70,000 - 7000 - 63,000 selling and administrative expenses 2. "Other, net" consisted of interest expense, 5,000, and a discontinued operations loss of 15,000 before taxes. If the loss had not occurred, income taxes for 2019 would have been 40,500 instead of 36,000. 20,000 other (5000 interest expenses : 5. financing costs and 15,000 discontinued operations. 8) 3. Kinder had 20,000 ordinary shares outstanding during 2019. (to compute earnings per share). Instructions: Prepare a corrected income statement, including the appropriate per share disclosures, Solution: Kinder Company Income Statement For the Year Ended December 31, 2019