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

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.)