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): Credit $706,600 EMILY'S GREENHOUSE CORPORATION Profit and Loss December 31 Debit Net Sales Cost of Goods Sold $377,000 Salaries and Wages Expense 105,000 Office Expenses 29,500 Travel Expenses 8,500 Income Tax Expense 55,980 Net Profit 130,620 Totals $706,600 $706,600 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 At December 31 PB6-5 Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %