he 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				$	650,000
Interest revenue					38,000
Gain on sale of investments					85,000
Total revenues and gains					773,000
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					634,250
Net Income				$	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.)