f 2 Required information [The following information applies to the questions displayed below.] 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 ok ht nces Cost of Goods Sold Salaries and Wages Expense Office Expense Travel Expenses Income Tax Expense Net Profit Totals Required: BIG TOMMY CORPORATION Profit and Loss December 31 Debit Credit $ 404,000 $ 279,000 58,000 16,000 1,000 15,000 35,000 $ 404,000 $ 404,000 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes. BIG TOMMY CORPORATION Income Statement