The preliminary 20 21 income statement of Alexion Systems, Inc., is presented below: ALEXIAN SYSTEMS, INC. Income Statement For the Year Ended December 31, 2021 ($ in millions, except earnings per share) Revenues and gains: Sales revenue 437 Interest revenue 5Other income 127Total revenues and pains Expenses: 569 Cost of goods sold 246Selling and administrative expense 151Income tax expense 43 Total expenses 440Net Income 129Earnings per share 12.90Additional Information: 1. Selling and administrative expense includes $27 million in restructuring costs. 2. Included in other income is $120 million in income from a discontinued operation. This consists of $90 million in operating income and a $30 million gain on disposal. The remaining $7 million is from the gain on sale of investments 3. Cost of goods sold was increased by $10 million to correct an error in the calculation of 2020's ending inventory. The amount is material Required: Prepare a revised income statement for 2021 reflecting the additional facts.

                               Alexion Systems, Inc.

                                 Income Statement

                 For the Year Ended December 31, 2021

                                       (in $ millions)

Sales revenue                                                       $437

Cost of goods sold                                             ($256)

Gross profit                                                            $181

Operating expenses:

Income from continuing operations b/ Taxes     $30

Income tax expense                                           ($7,5)

Income from continuing operations                                     $22.5

Other revenues and expenses:

Other revenues and expenses                                                  $9

Discontinued operations:

Income from discontinued operations                                    $90

Net income                                                                          $121.50

Earnings per share                                                                $12.15

Explanation:

I assumed income tax rate = 25% (I divided $43 / $172)

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