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 $184,988 Net Sales Cost of Goods Sold Salaries and Wages Expense Office Expenses Travel Expenses Income Tax Expense Net Profit Totals $ 279,000 58,000 16,000 1,000 15.000 35,000 $484,00 $484,000 Required: 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes. 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes. BIG TOMMY CORPORATION Income Statement