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 $ 620,000 Interest revenue 35,000 Gain on sale of investments 82,000 Total revenues and gains 737,000 Expenses and losses: Cost of goods sold $ 340,000 Selling expense 62,000 Administrative expense 82,000 Interest expense 19,000 Restructuring costs 58,000 Income tax expense 44,000 Total expenses and losses 605,000 Net Income $ 132,000 Required: A multiple-step income statement applying generally accepted accounting principles. The income tax rate is 25%.