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

AXEL CORPORATION Income Statement For the Year Ended December 31, 2021
Revenues and gains:
Sales revenue $710,000
Interest revenue 44,000
Gain on sale of investments 91,000
Total revenues and gains 845,000
Expenses and losses:
Cost of goods sold $385,000
Selling expense 71,000
Administrative expense 91,000
Interest expense 28,000
Restructuring costs 67,000
Income tax expense 50,750

Total expenses and losses 692,750
Net Income $152,250
Earnings per share $1.52

Required: Prepare a multiple-step income statement for 2021 applying generally accepted accounting principles. The income tax rate is 25%. (Amounts to be deducted should be indicated with a minus sign. Round EPS answer to 2 decimal places.)

Sales revenue         $  710,000

Cost of goods sold $ 385,000

Gross Profit             $ 325,000

Selling expense              71,000

Administrative expense 91,000

Operating Income        163,000

Non-Operating Income

Interest revenue                   44,000

Gain on sale of investments 91,000

Interest expense                  (28,000)

Restructuring costs              (67,000)

Income before taxes           203,000

Income tax expense              (50,750)

Net Income                            152,250

Shares outstanding 100,000

Earnings per share $1.52

Explanation:

We need to determinate gross profit.

then, the operating income therefore the interest and restructuring cost are not considered.  Same goes for the gain on investment as aren't part of the business normal activities.

the answer is either c or b, i cant be to sure tho.

i think it is sales-oriented, but i am not sure