The following incorrect income statement was prepared by the accountant of the Axel Corporation AXEL...
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Accounting
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: $710,000 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 taxes $385,006 71,000 91,000 38,000 67,000 77,200 Total expenses and losses 729,200 $115,8060 $ 1.16 Net Income Earnings per share
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