H4 q3

9/21/23, 4:48 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlud… 3/3 AXEL CORPORATION Income Statement For the Year Ended December 31, 2024 Sales revenue  $ 720,000  Cost of goods sold  390,000  Gross profit 330,000 Operating expenses: Selling expense  $ 72,000  Administrative expense  92,000  Restructuring costs  68,000  Total operating expenses 232,000 Operating income 98,000 Other income (expense): Interest revenue  45,000  Interest expense  (29,000)  Gain on sale of investments  92,000  Total other income, net 108,000  Income before income taxes 206,000 Income tax expense  51,500  Net income $ 154,500  References Financial Statements Difficulty: 3 Hard Learning Objective: 04-01 Discuss the importance of income from continuing operations and describe its components.