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 $690,000
Interest revenue 42,000
Gain on sale of investments 89,000
Total revenues and gains 821,000
Expenses and losses:
Cost of goods sold $375,000
Selling expense 69,000
Administrative expense 89,000
Interest expense 26,000
Restructuring costs 65,000
Income tax expense 49,250
Total expenses and losses 673,250
Net Income $147,750
Earnings per share $1.48

Required:
Prepare a multiple-step income statement for 2021 applying generally accepted accounting principles.