Required: Prepare a multiple-step income statement applying generally accepted accounting principles. The income tax rate is 25%

The following single-step income statement was prepared by the accountant of the Axel Corporation: 37,000 84,000 761,000 350,000 64,000 84,000 21,000 60,000 45,500 624,500 AXEL CORPORATION Income Statement Year Ended December 31, For the Revenues and gains : Sales revenue Interest revenue 2024 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 Required: $ 640,000 $ 136,500 Prepare a multiple-step income statement applying generally accepted accounting principles. The income tax rate is 25%.