Exercise $4-5($Algo$)$ Income statement presentation $[$LO$4-1]$

points

References

AXEL CORPORATION

Income Statement

For the Year Ended December $31,2024$

Revenues and gains:

Sales revenue

Interest revenue

Gain on sale of investments

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:

Prepare a multiple$-$step income statement applying generally accepted accounting principles. The

income tax rate is $25\%.$