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: $ 670,000 40,000 Total revenues and gains Gain on sale of investments Expenses and losses: Cost of goods sold Selling expense $ 365,000 67,000 Administrative expense 87,000 Interest expense 24,000 Restructuring costs 63,000 Income tax expense 47,750 Total expenses and losses Net Income 87,000 797,000 653,750 $ 143,250