The following single-step income statement was prepared by the accountant of the Axel Corporation: Required: Prepare a multiple-step income statement applying generally accepted accounting principles. The income tax rate is 25%. \begin{tabular}{|l|r|r|} \hline \multicolumn{2}{|c|}{ AXEL CORPORATION } \\ \hline \multicolumn{2}{|c|}{ Income Statement } \\ \hline For the Year Ended December 31, 2024 & $ \\ \hline Sales revenue & & (360,000) \\ \hline Cost of goods sold & & 300,000 \\ \hline Gross profit & & \\ \hline Operating expenses: & $ & \\ \hline Selling expense & 66,000 & \\ \hline Administrative expense & 86,000 & \\ \hline Restructuring costs & 62,000 & \\ \hline \multicolumn{2}{|c|}{} & \\ \hline & & \\ \hline Total operating expenses & & \\ \hline Operating income & & \\ \hline Other income (expense): & & \\ \hline Interest revenue & & \\ \hline Gain on sale of investments & & \\ \hline Interest expense & & \\ \hline & & \\ \hline Total other income, net & & \\ \hline Income before income taxes & & \\ \hline Income tax expense & & \\ \hline Net income & & \\ \hline \end{tabular}