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

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Accounting

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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: $710,0060 Sales Interest and dividends Gain on sale of investments 44,000 91,000 845,000 Total revenues and gains Expenses and losses: Cost of goods sold Selling expenses Administrative expenses Interest Restructuring costs Income taxe $385,0060 71,000 91,000 38,000 67,000 77,200 Total expenses and losses 729,200 $115,800 $1.16 Net Income Earnings per share Required Prepare a multiple-step income statement for 2018 applying generally accepted accounting principles. The income tax rate is 40%. (Amounts to be deducted should be indicated with a minus sign. Round EPS answer to 2 decimal places.)

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