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: Credits Debits $ 47,250 20,000 72,500 55,000 Account Titles Cash Accounts Receivable Inventory Property and Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings, January 1 Sales Revenue Cost of Goods Sold Salaries and Wages Expense office Expenses Interest Expense Income Tax Expense Totals $ 23,100 33,500 100,000 12,600 188,000 110,000 19,000 20,000 2,500 10,950 $357,200 $357,200 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, INC. Income Statement