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 $ 592,000 interest revenue 32,000 gain on sale of investments 86,000 total revenues and gains 710,000 expenses and losses: cost of goods sold$ 325,000 selling expense67,000 administrative expense87,000 interest expense16,000 restructuring costs55,000 income tax expense40,000 total expenses and losses 590,000 net income $120,000 required: prepare a multiple-step income statement applying generally accepted accounting principles. the income tax rate is 25%.