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): Net Sales Cost of Goods Sold BIG TOMMY CORPORATION Profit and Loss Salaries and Wages Expense Office Expense Travel Expenses Income Tax Expense Net Profit Totals December 31 Debit Credit $611,000 $359,000 78,000 31,000 1,000 42,600 99,400 $611,000 $611,000 PA6-5 (Algo) Part 1 Required: 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes.