The following sing/e-step income statement was prepared by the accountant of the Axel Corporation: Required: Prepare a multiple-step income statement applying generally accepted accounting principles. The income tax rate is 25% \begin{tabular}{|l|r|r|} \hline Sales revenue & & 592,000 \\ \hline Cost of goods sold & & 325,000 \\ \hline Gross profit & & 267,000 \\ \hline Operating expenses: & & \\ \hline Administrative expense & 87,000 & \\ \hline Selling expense & 67,000 & \\ \hline Restructuring costs & 55,000 & \\ \hline & & \\ \hline & & \\ \hline Total operating expenses & & \\ \hline Operating income & & \\ \hline Other income (expense): & & \\ \hline Interest revenue & & \\ \hline Gain on sale of investments & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total other income, net & & \\ \hline Income before income taxes & & \\ \hline Income tax expense & & \\ \hline Net income & & \\ \hline \end{tabular}