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 revenue Gain on sale of investments i Total revenues and gains Expenses and losses: Cost of goods sold Selling expense Administrative expense Interest expense Restructuring costs Income tax expense Total expenses and losses Net Income Earnings per share Required: $720,000 45,000 92,000 857,000 $390,000 72,000 92,000 29,000 68,000 51,500 702,500 $154,500 $ 1.55 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.) AXEL CORPORATION 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 revenue Gain on sale of investments i Total revenues and gains Expenses and losses: Cost of goods sold Selling expense Administrative expense Interest expense Restructuring costs Income tax expense Total expenses and losses Net Income Earnings per share Required: $720,000 45,000 92,000 857,000 $390,000 72,000 92,000 29,000 68,000 51,500 702,500 $154,500 $ 1.55 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.) AXEL CORPORATION