The following single-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|l|l|} \hline Sales revenue & & 790,000 \\ \hline Cost of goods sold & & \\ \hline Operating expenses: & & \\ \hline & & \\ \hline Total operating expenses & & \\ \hline Operating income & & \\ \hline Other income (expense): & & \\ \hline & & \\ \hline & & \\ \hline Notal other income, net & & \\ \hline Income before income taxes & & \\ \hline Trome & & \\ \hline \end{tabular}