he following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION Income Statement For the Year Ended December 31, 2013 Revenues and gains: Sales $ 880,000 Interest and dividends 50,000 Gain from litigation settlement 100,000 Total revenues and gains 1,030,000 Expenses and losses: Cost of goods sold $ 415,000 Selling expenses 77,000 Administrative expenses 97,000 Interest 38,000 Restructuring costs 73,000 Income taxes 132,000 Total expenses and losses 832,000 Net Income $ 198,000 Earnings per share $ 1.98 Required: Prepare a multiple-step income statement for 2013 applying generally accepted accounting principles. The income tax rate is 40%. The gain from litigation settlement is considered an unusual and infrequent event and the amount is material. (Amounts to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places.)