Required Information PB6-5 Preparing a Multistep Income Statement and Computing the Gross Profit Percentage [LO 6-6] [The following information applies to the questions displayed below.) Emily's Greenhouse Corporation is a local greenhouse organized 10 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): EMILY'S GREENHOUSE CORPORATION Profit and LOSS December 31 Debit Credit $685,888 Net Sales cost of Goods Sold Salaries and Wages Expense Office Expenses Travel Expenses Income Tax Expense Net Profit Totals $371,800 101,880 28,888 8,888 53,100 123,900 $685,000 $685,000 PB6-5 Part 1 Required: 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes. EMILY'S GREENHOUSE CORPORATION Income Statement