Required information PA6-5 Preparing a Multistep Income Statement and Computing the Gross Profit Percentage [LO 6-5) [The following information applies to the questions displayed below.) Big Tommy Corporation is a local grocery store organized seven years ago as a corporation. The bookkeeper prepared the following statement at year-end (assume that all amounts are correct, but note the incorrect format: * BIG TOMMY CORPORATION Profit and Loss December 31 Debit Credit $323,500 Net Salon Cost of Goods Sold Salaries and Wagen Expense ottice Expenses Travel Expenses Income Tax Expense Net Profit Totals $239,000 48,000 8,500 1,000 9,600 22,400 $328,500 $328,500 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes. of 2 Book BIG TOMMY CORPORATION Income Statement For the Year Ended December 31 Net Sales Cost of Goods Sold Gross Profit Expenses Salaries and Wages Expense Office Expenses Travel Expense Print eferences Income from Operations Income Tax Expense Net Income 8 Next