The followingincorrectincome statement was prepared by the accountant of the Axel Corporation:

AXEL CORPORATION

Income Statement

For the Year Ended December 31, 2021Revenues and gains:Sales revenue$730,000Interest revenue46,000Gain on sale of investments93,000Total revenues and gains869,000Expenses and losses:Cost of goods sold$395,000Selling expense73,000Administrative expense93,000Interest expense30,000Restructuring costs69,000Income tax expense52,250Total expenses and losses712,250Net Income$156,750Earnings per share$1.57

Required:

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

3.4 Connect: Workplace Skills Development As... i Saved Help Save & Exit Submit Check my work 2 The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION 6 Income Statement points For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $730, 000 Interest revenue 46, 000 eBook Gain on sale of investments 93 ,000 Total revenues and gains 869, 000 Hint Expenses and losses: Cost of goods sold $395, 000 Print Selling expense 73, 000 Administrative expense 93,000 References Interest expense 30,000 Restructuring costs 69, 000 Income tax expense 52, 250 Total expenses and losses 712, 250 Net Income $156, 750 Earnings per share $ 1.57