Assume that you have been hired by Big Sky corporation as a summer intern. The company is in the process of preparing its annual financial statement. To help in the process, you are asked to prepare an income statement for internal reporting purposes and an income statement for external reporting purposes. Your boss has also requested that you determine the company's gross profit percentage based on the statements that you are to prepare. The following adjusted trial balance was created from the general ledger accounts on May 31, 2010. Account titles Debit Credit Cash 57000 (Debits) Accounts receivable 67000 ( Debits) Inventory 103000 ( Debits) Property and equipment 252000 (Debit) Accumulated depreciation 103000 (Credits) Liabilities 75000(Credits) Contributed capital 120000( Credits) Retained earnings, June 1, 2009 145900( Credits) Sales revenue 369000 (Credits) Sales return and allowances 9500(Debits) Sales discounts 14000( Debits) Cost of goods sold 248000(Debits) Selling expense 19000(Debits) Administrative expense 23000 (Debits) General expenses 5000 (Debits) Income tax expense 15400 (Debits) Total expense $812900( DR) $8129000(CR) Note: Your boss wants you to create in a way that automatically recalculates net sales and any other related amounts whenever changes are made to the contra- revenue accounts. To do this, you know that you'll have to use formulas throughout the worksheets and even import or link cells from one worksheet to another. Requirement: Enter the trial balance information into a spreadsheet and complete the following 1) Prepare a multistep income statement that would be used for internal reporting purposes. Classify sales returns and allowances and sales discounts as contra-revenue accounts . 2) Compute the gross profit percentage.