E 4-5 Income statement presentation L04-1, L04-5 The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $ 592,000 Interest revenue 32,000 Gain on sale of investments 86,000 Total revenues and gains 710,000 Expenses and losses: Cost of goods sold $ 325,000 Selling expense 67,000 Administrative expense 87,000 Interest expense 16,000 Restructuring costs 55,000 Income tax expense 40,000 Total expenses and losses 590,000 Net Income $ 120,000 Earnings per share $ 1.20 Required: Prepare a multiple-step income statement for 2021 applying generally accepted accounting principles. The income tax rate is 25%. Be sure to include appropriate headings and subtotal titles. An example of a multiple-step income statement can be found in Illustration 4-4 of this chapters