PB6-4 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. Emily's Greenhouse Corporation is a local greenhouse organized 10 years ago as a corporation. The bookkeeper prepared the following statement (assume that all amounts are correct, but note the incorrect terminology and format): EMILY'S GREENHOUSE CORPORATION Profit and Loss December 31 Debit Credit $766,000 Sales Cost of Goods Sold Sales Returns and Allowances Sales Discounts Salaries and Wages Expense Office Expense Travel Expenses Income Tax Expense Net Profit $383,000 18,200 17,600 108,000 31,000 9,000 59,760 139,440 Totals $766,000 $766,000