The following incorrect income statement was prepared by the accountant of the Axel Corporation:

Required:
Prepare a multiple-step income statement for 2018 applying generally accepted accounting principles. The income tax rate is 40%.

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AXEL CORPORATION Income Statement For the Year Ended December 31, 2018 $592,000 32,000 86,000 710,000 Interest and dividends Gain on sale of investments I revenues and gains s sold expenses Administrative expenses Restructuring costs 620,000 $90,000 $ 0.90 expenses and losses Net Income Earnings per share