Big Billy Corporation is a local grocery store organized seven years ago as a corporation The store is in an excellent location, and sales have increased each year. The bookkeeper prepared the following statement (assume that all amounts are correct, but note the incorrect terminology and format) ELIG BILLY CORPORATION Profit and loss December 31 Debit Credit $412,000 Sales Cost of Goods Sold Sales Returns and Allowances Sales Discounts Selling Expense Administrative Expense General Expenses Income Tax Expense Net Income $275,000 9.200 5,200 56,400 15,200 1.000 14,200 35,800 Totals $412,000 $412,000 Required: Prepare a multi-step income statement that would be used for internal reporting purposes. Treat Sales Returns and Allowances as well as Sales Discounts as contra-revenue accounts