The following single-step income statement was prepared by the accountant of the Axel Corporation: Revenues and gains: Sales revenue For the Year Ended December 31, 2024 Interest revenue. Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold Selling expense AXEL CORPORATION Income Statement Net Income Administrative expense Interest expense Restructuring costs Income tax expense Total expenses and losses. Sales revenue Cost of goods sold Can s $325,000 67,000 87,000 16,000 55,000 40,000 $ 592,000 32,000 86,000 710,000 Required: Prepare a multiple-step income statement applying generally accepted accounting principles. The income tax rate is 25%. AXEL CORPORATION Income Statement For the Year Ended December 31, 2024 590,000 $120,000 Sales revenue Cost of goods sold Gross profit Operating expenses: Selling expense Income Statement For the Year Ended December 31, 2024 Administrative expense Restructuring costs Total operating expenses Operating income Other income (expense): Total other income, net Income before income taxes. Income tax expense Net income 0 0 0 0