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 $ 342,600 Cost of Goods Sold $ 247,000 Salaries and Wages Expense 50,000 Office Expenses 10,000 Travel Expenses 1,000 Income Tax Expense 10,380 Net Profit 24,220 Totals $ 342,600 $ 342,600 Required: Prepare a properly formatted multistep income statement that would be used for external reporting purposes.