The following incorrect income 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				$	620,000
Interest revenue					35,000
Gain on sale of investments					82,000
Total revenues and gains					737,000
Expenses and losses:
Cost of goods sold	$	340,000
Selling expense		62,000
Administrative expense		82,000
Interest expense		19,000
Restructuring costs		58,000
Income tax expense		44,000
Total expenses and losses					605,000
Net Income				$	132,000
Earnings per share				$	1.32

Required: Prepare a multiple-step income statement for 2021 applying generally accepted accounting principles. The income tax rate is 25%.