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 $660,000 86.000 705,000 AXEL CORPORATION Income Statement For the Year Ended Deceber 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses! Cost of good old $260.000 Balling expense 66.000 Administrative expense 86.000 Interest expense 23,000 Ratuting Costs 82.000 Income wax expense 49.000 Total exponer and loss 644.000 $141.000 Earnings per share Required: Prepare a multiple step income statement for 20 21 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