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 $592,000 Interest revenue 32,000 Gain on sale of investments 86,000 Total revenues and gains 710,000 Expenses and losses: Cost of goods sold $325,000 Selling expense 67,000 Administrative expense 87,000 Interest expense 16,000 Restructuring costs 55,000 Income tax expense 40,000 Total expenses and losses 590,000 Net Income Earnings per share $120,000 $ 1.20 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.) Gross profit Operating expenses: AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Total operating expenses Operating income Other income (expense): Total other income, net Income before income taxes Net income Earnings per share 0 0 0 0 0