Prepare Micron’s income statement, beginning with income from continuing operations before taxes,…

Prepare Micron’s income statement, beginning with income from continuing operations before taxes, for the yearended December 31, 2018. Assume an income tax rate of 30%. Ignore EPS disclosures.The preliminary 2018 income statement of Alexian Systems, Inc., is presented below:ALEXIAN SYSTEMS, INC.Income StatementFor the Year Ended December 31, 2018($ in millions, except earnings per share)Revenues and gains:Net sales $ 425Interest 3Other income 126Total revenues and gains 554Expenses:Cost of goods sold 270Selling and administrative 154Income taxes 52Total expenses 476Net Income $ 78Earnings per share $ 3.90Additional Information:1. Selling and administrative expenses include $26 million in restructuring costs.2. Included in other income is $120 million in income from a discontinued operation. This consists of $90 millionin operating income and a $30 million gain on disposal. The remaining $6 million is from the gain onsale of investments.3. Cost of goods sold was increased by $5 million to correct an error in the calculation of 2017’s ending inventory.The amount is material.Required:For each of the three additional facts listed in the additional information, discuss the appropriate presentation ofthe item described. Do not prepare a revised statement

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