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 $690,000 42,000 89,000 Interest and dividends Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold Selling expenses Administrative expenses 821,000 $375,000 69,000 89,000 36,000 65,000 Interest Restructuring costs Income taxes 74,800 708,800 Total expenses and losses $112,200 Net Income $1.12 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 0 Earnings per share