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 $690,000 Interest revenue 42,000 Gain on sale of investments 89,000. Total revenues and gaine 821,000 Expenses and losses: Cost of goods sold. $375,000 Selling expense 69,000 Administrative expense 89,000 Interest expense 26,000 Restructuring costs 65,000 Income tax expense Total expenses and losses Net Income Earnings per share 49,250 673,250 $147,750 $ 1.48 Required: Prepare 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.) Sales revenue Cost of goods sold Gross profit Operating expenses: Selling expense Answer is not complete. AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 $ 69,000 Administrative expense 89,000 Total operating expenses Operating income Other income (expense): Interest revenue 42,000 Gain on sale of investments 89,000 Interest expense (36,000) $ 690,000 375,000 315,000 158,000 157,000 Sales revenue Cost of goods sold Gross profit Operating expenses: Selling expense $ 69,000 Administrative expense 89,000 Total operating expenses Operating income Other income (expense): Interest revenue Gain on sale of investments Interest expense Total other income, net Income before income taxes Income tax expense Net income Earnings per share 42,000 89,000 (36,000) 690,000 375,000 315,000 158,000 157,000 95,000 252,000 63,000 $ 189,000