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%. Exercise 4-3 (Algo) Income statement format; single step and multiple step [LO4-1] The following is a partial trial balance for General Lighting Corporation as of December 31, 2024 Income tax expense has not yet been recorded. The income tax rate is 25% of income before income taxes. Required: 1. Prepare a single-step income statement for 2024. 2. Prepare a multiple-step income statement for 2024