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.

4. understanding different policy options to correct for negative externalities carbon dioxide emissions have been linked to global warming. the following table lists some possible public policies aimed at reducing the amount of carbon dioxide in the air. for each policy listed, identify whether it is a command-and-control policy (regulation), tradable permit system, corrective subsidy, or corrective tax. public policy command-and-control policy tradable permit system corrective subsidy corrective tax the government charges factories $110 for every ton of carbon dioxide they emit. the government orders every factory to adopt a new technology, which reduces carbon-dioxide emissions into the atmosphere. trees take carbon dioxide out of the air and convert it to oxygen, so the government funds a tree-planting initiative by offering $110 to any citizen who plants a tree. the government limits total carbon-dioxide emissions by all factories to 180,000 tons per month. each individual factory is given the right to emit 140 tons of carbon dioxide, and factories may buy and sell these rights in a marketplace.