Exercise 4-5 (Algo) Income statement presentation (L04-1, 4-5) The following incorrect income statement was prepared by the accountant of the Axel Corporation: $650,000 38,000 85,000 773,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $355,000 Selling expense 65,000 Administrative expense 85,000 Interest expense 22,000 Restructuring costs 61,000 Income tax expense 46,250 Total expenses and losses Net Income 634,250 $138,750 Earnings per share 1.39 Required: Prepare a multiple-step income statement for 2021 applying generally accepted accounting principles. The income tax rate is 25%. (Amounts to be deducted should be indicated with a minus sign. Round EPS answer to 2 decimal places.) AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Gross profit Operating expenses: Total operating expenses Operating income Other income (expense): Total other income, net Income before income taxes Net income Earnings per share