Exercise 4-5 Income statement presentation [LO4-1, 4-5] The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION Income Statement For the Year Ended December 31, 2018 Revenues and gains: Sales Interest and dividends Gain on sale of investments $700,000 43,000 90,000 833,000 Total revenues and galns Expenses and losses: Cost of goods sold $380,000 Selling expenses Administrative expenses Interest Restructuring costs Income taxes 70,000 90,000 37,000 66,000 76,000 Total expenses and losses 719,000 $114,000 $1.14 Net Income Earnings per share