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The following incorrect income statement was prepared by the accountant of the Axel Corporation AXEL CORPORATION Income Statement For the Year Ended December 31, 2018
The following incorrect income statement was prepared by the accountant of the Axel Corporation AXEL CORPORATION Income Statement For the Year Ended December 31, 2018 Revenues and gains: Sales Interest and dividends Gain on sale of investments $650,000 38,000 85,000 773,000 Total revenues and gains Expenses and losses: Cost of goods sold Selling expenses Administrative expenses Interest Restructuring costs Income taxes $355,000 65,000 85,000 32,000 61,000 70,000 668,000 $105,000 $1.05 Total expenses and losses Net Income Earnings per share Required Prepare a multiple-step income statement for 2018 applying generally accepted accounting principles. The income tax rate is 40% (Amounts to be deducted should be indicated with a minus sign. Round EPS answer to 2 decimal places.) AXEL CORPORATION Income Statement For the Year Ended December 31, 2018 Earnings per share
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