Need help with question P 4-5

Thank you!

Additional Information: 1. Selling and administrative expense includes $26 million in restructuring costs. 2. Included in other income is $120 million in income from a discontinued operation. This consists of $90mil. lion in operating income and a $30 million gain on disposal. The remaining $6 million is from the gain on sale of investments. 3. Cost of goods sold was increased by $40 million to correct an error in the calculation of 2020 's ending inven. tory. The amount is material. Required: For each of the three additional facts listed in the additional information, discuss the appropriate presentation of the item described. Do not prepare a revised statement. P45 [This is a variation of the previous problem focusing on income statement presentation.] Income statement Required: presentation; Refer to the information presented in P 4 4. Prepare a revised income statement for 2021 reflecting the additional restructuring costs; facts. Use a multiple-step format similar to Illustration 44 of this chapter to prepare income from continuing discontinued operations, and then add to this the discontinued operations portion of the income statement. Assume that an operations; income tax rate of 25% applies to all income statement items, and that 20 million shares of common stock were accounting error outstanding throughout the year. - LO41,LO43, LO4-4, LO4-5