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 $ 592,000 32,000 Gain on sale of investments Total revenues and gains 86,000 710,000 Expenses and losses: Cost of goods sold $ 325,000 Selling expense 67,000 Administrative expense 87,000 Interest expense 16,000 Restructuring costs 55,000 Income tax expense 40,000 Total expenses and losses. Net Income 590,000 $120,000 Required: Prepare a multiple-step income statement applying generally accepted accounting principles. The income tax rate is 25%.