The following incorrect income statement was prepared by the accountant of the Axel Corporation:

AXEL CORPORATION Income Statement For the Year Ended December 31, 2016
Revenues and gains:
Sales			$	710,000
Interest and dividends				44,000
Gain on sale of investments				91,000
Total revenues and gains				845,000
Expenses and losses:
Cost of goods sold	$	385,000
Selling expenses		71,000
Administrative expenses		91,000
Interest		38,000
Restructuring costs		67,000
Income taxes		77,200
Total expenses and losses				729,200
Net Income			$	115,800
Earnings per share			$	1.16

Required:

Prepare a multiple-step income statement for 2016 applying generally accepted accounting principles. The income tax rate is 40%. (Amounts to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places.)