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 Interest regene Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $325,000 Selling expense 67,000 Administrative expense 87,000 $592,000 32,000 86,000 710,000 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 $120,000 Earnings per share $ 1.20 Required: Prepare a multiple-step income statement for 2021 applying generally accepted accounting principles. The income tax rate is 25%. Be sure to include appropriate headings and subtotal titles. An example of a multiple-step income statement can be found in histration 4-4 of this chapters.