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 Expenses 5,500 Travel Expenses 1,000 Income Tax Expense 7,440 Net Profit 17,360 Totals $ 298,300 $ 298,300 PA6-5 Part 1 Required:Prepare a properly formatted multistep income statement that would be used for external reporting purposes.