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 640,000 Interest revenue 37,000 Gain on sale of investments 84,000 Total revenues and gains 761,000 Expenses and losses: Cost of goods sold Selling expense Administrative expense $ 350,000 64,000 84,000 Interest expense 21,000 Restructuring costs 60,000 Income tax expense 45,500 Total expenses and losses Net Income 624,500 $ 136,500