The following incorrect income statement was prepared by the accountant of the Axel Corporation: $670,000 40,000 87,000 797,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2018 Revenues and gains: Sales Interest and dividends Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $365,000 Selling expenses 67,000 Administrative expenses 87,000 Interest 34,000 Restructuring costs 63,000 Income taxes 72,400 Total expenses and losses Net Income Earnings per share 688,400 $108,608 $ 1.09 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 AXEL CORPORATION Income Statement For the Year Ended December 31, 2018 0 Accounts payable Accounts receivable Accumulated depreciation Administrative expenses -5 0 0 0 0