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 $ 720,000 45,000 92,000 857,000 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 Required: $ 390,000 72,000 92,000 29,000 68,000 51,500 702,500 $ 154,500 Prepare a multiple-step income statement applying generally accepted accounting principles. The income tax rate AXEL CORPORATION Income Statement For the Year Ended December 31, 2024 Gross profit Operating expenses: