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

Exercise 4-5 (Algo) Income statement presentation [L04-1] 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, 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 2024 750,000 48,000 95,000 893,000 405 , 75,000 95,000 32,000 71,000 53,750 731,750 161,250