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

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 $ $660,000$

Interest revenue $39,000$

Gain on sale of investments $86,000$

Total revenues and gains $785,000$

Expenses and losses:

Cost of goods sold $ $360,000$

Selling expense $66,000$

Administrative expense $86,000$

Interest expense $23,000$

Restructuring costs $62,000$

Income tax expense $47,000$

Total expenses and losses $644,000$

Net Income $ $141,000$

Required:

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