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 $ 63,000 Accounts Receivable 26, eee Inventory 95,000 Property and Equipment 70,000 Accumulated Depreciation $ 29,480 Accounts Payable 44,080 Common Stock 130,888 Retained Earnings, January 1 15,600 Sales Revenue 251,800 Cost of Goods sold 146,880 salaries and Wages Expense 25,000 Office Expense 26,000 Interest Expense 4, eee Income Tax Expense 15,000 Totals $ 478, eee 5 470,000 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. Answer is complete but not entirely correct. PSYMON COMPANY, INCORPORATED Income Statement For the Year Ended December 31 Sales Revenue S 251,000 Cost of Goods Sold 146,000 Gross Profit 105,000 >> Office Expense Salaries and Wages Expense Income from Operations Interest Expense Income before Income Tax Expense 26,000 25,000 51,000 4,000 >>> 47,000 Income Tax Expense Net Income 15.000 32.000 S