Big Tommy Corporation is a local grocery store organized seven years ago as a corporation. The book-keeper prepared the following statement (assume that all amounts are correct, but note the incorrect terminology and format):

BIG TOMMY CORPORATION Profit and Loss December 31
	Debit		Credit
Sales			$	355,000
Cost of Goods Sold	$	247,000
Sales Returns and Allowances		7,200
Sales Discounts		5,200
Salaries and Wages Expense		50,000
Office Expense		10,000
Travel Expenses		1,000
Income Tax Expense		10,380
Net Profit		24,220
Totals	$	355,000	$	355,000
		Prepare a properly formatted multistep income statement that would be used for internal reporting purposes. Treat Sales Returns and Allowances and Sales Discounts as contra-revenue accounts.