Create an income statement for Axel Corp. using the blue income statement as a template

The following incorrect income statement was prepared by the accountant of the Axel Corporation AXEL CORPORATION Income Statement For the Year Ended December 31, 2016 Revenues and gains Sales Interest and dividends Gain on sale of investments $680,000 41,000 88,000 Total revenues and gains 809,000 Expenses and losses Cost of goods sold Selling expenses Administrative expenses Interest Restructuring costs Income taxes $370,000 68,000 88,000 35,000 64,000 73,600 Total expenses and losses 698,600 Net Income $110,400 Earnings per share $ 1.10 Required: Prepare a multiple-step income statement for 2016 applying generally accepted accounting principles The income tax rate is 40%. (Amounts to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places.)