Required:

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.)

The following incorrectincome 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 $700,000 Interest revenue 43,000 Gain on sale of investments 90,000 Total revenues and gains 833,000 Expenses and losses: Cost of goods sold $380,000 Selling expense 70,000 Administrative expense 90,000 Interest expense 27,000 Restructuring costs 66,000 Income tax expense 50,000 Total expenses and losses 683,000 Net Income $150,000 Earnings per share $ 1.50 l Gross prot _- Operating expenses: __ Total operating expenses Operating income Other income (expense): Total other income, net Income before income taxes Net income Earnings per share