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				$	760,000
Interest revenue					49,000
Gain on sale of investments					96,000
Total revenues and gains					905,000
Expenses and losses:
Cost of goods sold	$	410,000
Selling expense		76,000
Administrative expense		96,000
Interest expense		33,000
Restructuring costs		72,000
Income tax expense		54,500
Total expenses and losses					741,500
Net Income				$	163,500
Earnings per share				$	1.64

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.)