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

Net Sales $ $404,000$

Cost of Goods Sold $ $279,000$

Salaries and Wages Expense $58,000$

Office Expense $16,000$

Travel Expenses $1,000$

Income Tax Expense $15,000$

Net Profit $35,000$

Totals $ $404,000$ $ $404,000$

Required:

Prepare a properly formatted multistep income statement that would be used for external reporting purposes.