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Required information [The following information applies to the questions displayed below) Psymon Company, Incorporated, 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 Debits Credits Cash $ 42,000 Accounts Receivable 18,000 Inventory 65,000 Property and Equipment 50,000 Accumulated Depreciation $ 21,000 Accounts Payable 30,000 Common Stock 90,000 Retained Earnings, January 1 Sales Revenue 11,600 cost of Goods Sold 167,000 98,000 Salaries and Wages Expense 17.000 Office Expense 18,000 Interest Expense 2,000 Income Tax Expense 9.600 Totals 319,600 $ 119,600 Required: 1. Prepare a multistep income statement that would be used for external reporting purposes. TIP. Some of the accounts listed will appear on the balance sheet rather than the income statement PSYMON COMPANY, INCORPORATED Income Statement Required information [The following information applies to the questions displayed below.) Psymon Company, Incorporated, 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 Debita Credits Cash $ 42,000 Accounts Receivable 18,000 Inventory 65,000 Property and Equipment 50,000 Accumulated Depreciation $ 21,000 Accounts Payable 30,000 Common Stock 90,000 Retained Earnings, January 1 11,600 Sales Revenue Cost of Goods Sold 167,000 98,000 Saladies and Wages Expense ottice Expense 17,000 Interest Expense 18,000 2,000 Income Tax Expense Totats 9,600 $ 319,600 $319,600 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage