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 $253,000 Cost of Goods Sold $199,000 Salaries and Wages Expense 38,000 Office Expense 1,000 Travel Expenses 1,000 Income Tax Expense 4,200 Net Profit 9,800 Totals $253,000 $253,000. 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes. 2. Compute the gross profit percentage.