Exercise 4-5 (Algo) Income statement presentation [LO4-1, 4-5] 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 $740,000 Interest revenue 47,000 Gain on sale of 94,000 investments Total revenues and gains 881,000 Expenses and losses: Cost of goods sold $400,000 Selling expense 74,000 Administrative expense 94,000 Interest expense 31,000 Restructuring costs 70,000 Income tax expense 53,000 Total expenses and 722,000 losses Net Income $ 159,000 Earnings per share $ 1.59 Required: Prepare a multiple-step income statement for 2021 applying generally accepted accounting principles. The income tax rate is 25%