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		$ 740,000
Interest revenue		47,000
Gain on sale of investments		94,000
Total revenues and gains		881,000
Expenses and losses:
Cost of goods sold	$ 400,000
Selling expense	74,000
Administrative expense	94,000
Interest expense	31,000
Restructuring costs	70,000
Income tax expense	53,000
Total expenses and losses		722,000
Net Income		$ 159,000

Required:

Prepare a multiple-step income statement applying generally accepted accounting principles. The income tax rate is 25%.