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		$298,300
Cost of Goods Sold	$223,000
Salaries and Wages Expense	44,000
Office Expense	5,500
Travel Expenses	1,000
Income Tax Expense	7,440
Net Profit	17,360
Totals	$298,300	$298,300

Required:

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