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 Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold Selling expense Administrative expense Interest expense Restructuring costs Income tax expense Total expenses and losses Net Income $ 600,000 33,000 80,000 713,000 $ 330,000 60,000 80,000 17,000 56,000 42,500 585,500 $ 127,500 Required: Prepare a multiple-step income statement applying generally accepted accounting principles. The income tax rate is 25%. Gross profit Operating expenses: AXEL CORPORATION Income Statement For the Year Ended December 31, 2024 Total operating expenses Operating income Other income (expense): Total other income, net Income before income taxes Net income 0 0 0 0