The following incorrect income statement was prepared by the accountant of the Axel $670,000 40,000 87,000 797,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $365,000 Selling expense 67,000 Administrative expense 87,000 Interest expense 24,000 Restructuring costs 63,000 Income tax expense 47,750 Total expenses and losses Net Income 653, 750 $ 143,250 Earnings per share $ 1.43 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.) AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Gross profit Operating expenses: Total operating expenses Operating income Other income (expense): Total other income, net Income before income taxes Net income Earnings per share