Help Save & Exit Submit Check my work 5 Emily's Greenhouse Corporation is a local greenhouse organized 10 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): Part 1 of 2 25 Soints Credit 5503,600 EMILY'S GREENHOUSE CORPORATION Profit and Loss December 31 Debit Net Sales Cost of Goods Sold $317,000 Salaries and Wages Expense 65,000 Office Expenses 14,500 Travel Expenses 3,500 Income Tax Expense 31,880 Net Profit 72,520 Totals 5503, 680 eBook $503,600 Print References Required: 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes EMILY'S GREENHOUSE CORPORATION Income Statement