DIA Picture Convert to SmartArt AV ali AU Exercise 2 The following incorrect income statement was MAXRE PFE PETROBRabidikcountant of the Annette Corporation: Income Statement For the year Ended December 31, year 1 Revenues and gains: Sales revenue $597,000 Interest revenue 35,500 Gain on sale of investments 80,000 Total revenues and gains 712,500 Expenses and losses: Cost of goods sold $327,745 Selling expenses 67,000 Administrative expenses 82,000 Interest expense 27,500 Restructuring costs 63,000 Income tax expense 50,839 Total expenses and losses 618,084 Net Income S 94,416 Earnings per share (EPS) s 0.94 Required: Prepare a multiple step income statement for year 1 applying generally accepted accounting principles. The income tax rate is 35%