HELP WITH THIS PROBLEM

The following incorrect income statement was prepared by the accountant of the Axel Corporation: $790,000 52,000 99,000 941,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $425,000 Selling expense 79,000 Administrative expense 99,000 Interest expense 36,000 Restructuring costs 75,000 Income tax expense 56,750 Total expenses and losses Net Income 770,750 $170,250 Earnings per share $ 1.70 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.) AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Sales revenue $ 790,000 (425,000) 365,000 Cost of goods sold Gross profit Operating expenses: Administrative expense Selling expense Restructuring costs $ (99,000) (79,000) (75,000) Total operating expenses Operating income Other income (expense): (253,000) 112,000 Interest expense (36,000) 52,000 Interest revenue Total other income, net Income before income taxes 16,000 128,000 74,250 Gain on sale of investments Net income Earnings per share $ 1.703