Psymon Company, Inc. 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	$	58,780
Accounts Receivable		24,400
Inventory		89,000
Property and Equipment		66,000
Accumulated Depreciation				$	27,700
Liabilities					41,200
Common Stock					122,000
Retained Earnings, January 1					14,800
Sales Revenue					254,000
Sales Returns and Allowances		8,600
Sales Discounts		11,200
Cost of Goods Sold		136,400
Salaries and Wages Expense		23,400
Office Expense		24,400
Interest Expenses		3,600
Income Tax Expense		13,920
Totals	$	459,700		$	459,700
Prepare a multistep income statement that would be used for internal reporting purposes. Treat Sales Discounts and Sales Returns and Allowances as contra-revenue accounts. TIP: Some of the accounts listed will appear on the balance sheet rather than the income statement. Prepare a multistep income statement that would be used for external reporting purposes, beginning with the amount for Net Sales. Compute the gross profit percentage.