The following single-step income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION...

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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 Interest revenue Gain on sale of investments Expenses and losses: Total revenues and gains Cost of goods sold Selling expense Administrative expense Interest expense Restructuring costs Income tax expense Total expenses and losses Net Income $ 720,000 45,000 92,000 857,000 $ 390,000 72,000 92,000 29,000 68,000 51,500 702,500 $ 154,500 Required: Prepare a multiple-step income statement applying generally accepted accounting principles. The income tax rate is 25%. 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 Interest revenue Gain on sale of investments Expenses and losses: Total revenues and gains Cost of goods sold Selling expense Administrative expense Interest expense Restructuring costs Income tax expense Total expenses and losses Net Income $ 720,000 45,000 92,000 857,000 $ 390,000 72,000 92,000 29,000 68,000 51,500 702,500 $ 154,500 Required: Prepare a multiple-step income statement applying generally accepted accounting principles. The income tax rate is 25%.