Big Tommy Corporation is a local grocery store organized seven years ago as a corporation. The book- keeper prepared the following statement (assume that all amounts are correct, but note the incorrect terminology and format) BIG TOMMY CORPORATION Profit and Loss December 31 Debit Credit $460,000 Sales Cost of Goods Sold Sales Returns and Allowances Sales Discounts Salaries and Wages Expense Office Expense Travel Expenses Income Tax Expense Net Profit $295,000 11,600 7,000 62,000 19,000 1,000 19,320 45,080 Totals $ 460,000 $460,000