The following single$-$step income statement was prepared by the accountant of the Axel Corporation:

AXEL CORPORATION

Income Statement

For the Year Ended December $31,2024$

$\backslash$table$[[$Revenues and gains:,$$680,000,],[$Sales revenue,$41,000,],[$Interest revenue,$88,000,],[$Gain on sale of investments,$809,000,],[$Total revenues and gains,$$370,000,],[$Expenses and losses:,$68,000,],[$Cost of goods sold,$88,000,],[$Selling expense,$25,000,],[$Administrative expense,$64,000,],[$Interest expense,$48,500,],[$Restructuring costs,,$663,500],[$Income tax expense,$$145,500,]]$

Required:

Prepare a multiple$-$step income statement applying generally accepted accounting principles. The income tax rate is $25\%.$

$\backslash$table$[[$AXEL CORPORATION,,$],[$For the Year Ended December $31,2024,,],[,,],[,,],[$Gross profit,,$],[$Operating expenses:,,$],[,,],[,,],[$Total operating expenses,,$],[$Operating income,,$],[$Other income $($expense$)$:$,,],[,,],[,,],[$Total other income, net,,$]]$The following single$-$step income statement was prepared by the accountant of the Axel Corporation:

AXEL CORPORATION

Income Statement

For the Year Ended December $31,2024$

Revenues and gains:

Sales revenue $ $680,000$

Interest revenue $41,000$

Gain on sale of investments $88,000$

Total revenues and gains $809,000$

Expenses and losses:

Cost of goods sold $ $370,000$

Selling expense $68,000$

Administrative expense $88,000$

Interest expense $25,000$

Restructuring costs $64,000$

Income tax expense $48,500$

Total expenses and losses $663,500$

Net Income $ $145,500$

Required:

Prepare a multiple$-$step income statement applying generally accepted accounting principles. The income tax rate is $25\%.$