Testbank Problem 116 Presented below is an income statement for Ivanhoe Company for the year ended December 31, 2020. Ivanhoe Company Income Statement For the Year Ended December 31, 2020 Net sales $798,000 Costs and expenses: Cost of goods sold 556,000 65,000 Selling, general, and administrative expenses Other, net 33,000 Total costs and expenses 654,000 Income before income taxes 144,000 Income taxes 43,200 $100,800 Net income Additional information: 1. "Selling, general, and administrative expenses" included a usual but infrequent charge of $6,100 due to a loss on the sale of investments. 2. Other, net" consisted of interest expense, $11,000, and a discontinued operations loss of $22,000 before taxes. If the discontinued operations loss had not occurred, income taxes for 2020 would have been $49,800 instead of $43,200. 3. Ivanhoe had 20,000 shares of common stock outstanding during 2020 Using the single-step format, prepare a corrected income statement, including the appropriate per share disclosures. (Round earnings per share to 2 decimal places, e.g. $1.48.) Ivanhoe Company Income Statement Per Share of Common Stock: FA