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  3. the following incorrect income statement was prepa

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: Sales $600,000 33,000 80,000 713,000 Interest and dividends Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold Selling expenses Administrative expenses $330,000 60,000 80,000 27,000 56,000 64,000 Interest Restructuring costs Income taxes Total expenses and losses 617,000 $ 96,000 Net Income $ 0.96 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.) AXEL CORPORATION Income Statement For the Year Ended December 31, 2018 Earnings per share

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