$2$

The following single$-$step income statement was prepared by the accountant of the Axel Corporation:

$\backslash$table$[[\backslash$table$[[$AXEL CORPORATION$],[$Income Statement$],[$For the Year Ended December$]],31,2024,],[$Revenues and gains:,,$],[$Sales revenue,,$ $720,000],[$Interest revenue,,$45,000],[$Gain on sale of investments,,$92,000],[$Total revenues and gains,,$857,000],[$Expenses and losses:,,$],[$Cost of goods sold,$ $390,000,],[$Selling expense,$72,000,],[$Administrative expense,$92,000,],[$Interest expense,$29,000,],[$Restructuring costs,$68,000,],[$Income tax expense,$51,500,],[$Total expenses and losses,,$702,500],[$Net Income,,$ $154,500]]$

Required:

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Prepare a multiple$-$step income statement applying generally accepted accounting principles. The income tax rate is $25\%.$