December 31 Debit Credit $478.800 Net Sales Cost of Goods Sold Salaries and Wages Expense Office Expenses Travel Expenses Income Tax Expense Net Profit Totals $311,888 66,00 22.000 1.000 23,640 55,160 $478.00 $478.800 Required: 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes. BIG TOMMY CORPORATION Income Statement For the Year Ended December 31 Net Sales Cost of Goods Sold Gross Profit S 478.800 311 000