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Business, 23.03.2020 22:59 mjohnson05

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 $592,000 Interest and dividends 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 expenses 67,000 Administrative expenses 87,000 Interest 26,000 Restructuring costs 55,000 Income taxes 60,000 Total expenses and losses 620,000 Net Income $90,000 Earnings per share $0.90 Required: Prepare a multiple-step income statement for 2018 applying generally accepted accounting principles. The income tax rate is 40%.

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

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