The following incorrect income statement was prepared by the accountant of the Axel Corporation: For the Year Ended December 31, 2021 Revenues and gains: Sales revenue AXEL CORPORATION Income Statement 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 Total expenses and losses Net Income Earnings per share $370,000 68,000 88,000 25,000 64,000 48,500 $680,000 41,000 88,000 809,000 663,500 $145,500 $ 1.46 Gross profit Operating expenses: AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Total operating expenses Operating income Other income (expense): Total other income, net Income before income taxes Net income Earnings per share 0 0 0 0