Exercise 4-5 (Algo) Income statement presentation [LO4-1] The following single-step income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION Income Statement For the Year Ended December 31, 2024 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold Selling expense Administrative expense Interest expense Restructuring costs Income tax expense $ 680,000 41,000 88,000 809,000 $ 370,000 68,000 88,000 25,000 64,000 48,500 663,500 $ 145,500 Total expenses and losses Net Income Required: Prepare a multiple-step income statement applying generally accepted accounting principles. The Income tax rate is 25%. AXEL CORPORATION Income Statement For the Year Ended December 31, 2024 faded Homework i Check my work mode: This shows what is correct or incorrect for the work you have c For the Year Ended December 31, 2024 Sales revenue $ 680,000 Cost of goods sold 370,000 Gross profit Operating expenses. 310,000 Selling expense $ 68,000 Administrative expense 88,000 Restructuring costs 64,000 Total operating expenses Operating income Other income (expense) Interest expense 25,000 Interest revenue 41,000 Gain on sale of investments 88,000 Total other income, net Income before income taxes Income tax expense Net income 220,000 90,000 154,000 244,000 12,125