AXEL CORPORATION Income Statement For the Year Ended December 31, 2024 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Expenses and losses: Total revenues and gains Cost of goods sold Selling expense Administrative expense Interest expense Restructuring costs Income tax expense Total expenses and losses Net Income $ 415,000 77,000 97,000 34,000 73,000 55,250 $ 770,000 50,000 97,000 917,000 751,250 $ 165,750 Required: Prepare a multiple-step income statement applying generally accepted accounting principle- Sales revenue Cost of goods sold Gross profit Operating expenses: AXEL CORPORATION Income Statement For the Year Ended December 31, 2024 $ 77,000 Selling expense Administrative expense 97,000 Restructuring costs 73,000 $ 770,000 415,000 355,000