Exercise 4-5 (Algo) Income statement presentation [LO4-1] 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|l|l|} \hline \multicolumn{1}{|c|}{ AXEL CORPORATION } \\ \hline \multicolumn{1}{|c|}{ Income Statement } \\ \hline \multicolumn{1}{|c|}{ For the Year Ended December 31, 2024 } \\ \hline & & \\ \hline Gross profit & & \\ \hline Operating expenses: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total operating expenses & & \\ \hline Operating income & & \\ \hline Other income (expense): & & \\ \hline & & \\ \hline Total other income, net & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}