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 Expenses and losses: Total revenues and gains Cost of goods sold Selling expense Administrative expense $ 592,000 32,000 86,000 710,000 $325,000 67,000 87,000 Interest expense 16,000 Restructuring costs 55,000 Income tax expense 40,000 Total expenses and losses 590,000 Net Income $120,000