AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 $592,000 32,000 86,000 710,000 Revenue and gains: Sales revenue Interest revenue Gain on sale of investments Total revenue and gain Expenses and losses: Cost of goods sold Selling expenses Administrative expenses interest expenses Restructuring costs Income tax expense Total expense and losses Net Income $325,000 67,000 87,000 16,000 55,000 40,000 590.000 $ 120,000 Additional Information: On December 31,2021, the company sold one of its divisions (a separate component defined by GAAP). On the date of sale,the book value of this division was $ 100,000 and the Fair value less costs to sell was $150,000. The pretax gain from operations from the division for the year was $ 90,000 Assume: 100,000 shares of common shares were outstanding throughout the year. 6%, $50 par value, 10,000 preferred shares outstanding. Required: Using all the relevant information provided, prepare a multiple step income statement for 2021 applying GAAP. The income tax rate is 30%. Be sure to include appropriate headings and subtotal titles (use model on page 169 and on page 172 as a guide)