The following incorrect income statement was prepared by the accountant of the Axel Corporation:

AXEL CORPORATION Income Statement For the Year Ended December 31, 2013
Revenues and gains:
Sales				$	680,000
Interest and dividends					39,000
Gain from litigation settlement					89,000
Total revenues and gains					808,000
Expenses and losses:
Cost of goods sold	$	360,000
Selling expenses		67,000
Administrative expenses		86,000
Interest		33,000
Restructuring costs		62,000
Income taxes		80,000
Total expenses and losses					688,000
Net Income				$	120,000
Earnings per share				$	1.20

Required:

Prepare a multiple-step income statement for 2013 applying generally accepted accounting principles. The income tax rate is 40%. The gain from litigation settlement is considered an unusual and infrequent event and the amount is material. (Amounts to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places.)