CP6-4 Preparing a Multistep Income Statement with Sales Discounts and Sales Returns and Allowances and Computing the Gross Profit Percentage [LO 6-5] [The following information applies to the questions displayed below] Psymon Company, Inc. sells construction equipment. The annual fiscal period ends on December 31. The following adjusted trial balance was created from the general ledger accounts on December 31: Account Titles Cash Accounts Receivable Inventory Property and Equipment Accumulated Depreciation Liabilities Common Stock Retained Earnings, January 1 Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries and Wages Expense Office Expense Interest Expenses Income Tax Expense Debits $ 57,750 24,000 87,500 65,000 Credits $27,300 40,500 120,000 14,600 249,500 8,500 11,000 134,000 23,000 24,000 3,500 13,650 Totals $451,900 451,900