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 Credits Debits $ 42,000 18,000 . 65,000 5 , 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 Expense Interest Expense Income Tax Expense Totals $ 21,000 30,000 90,000 11,600 167 , 98,000 17 , 18,000 2,000 9,600 $ 319,600 $ 319,600 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 For the Year Ended December 31 Sales Revenue Cost of Goods Sold Gross Pront Other Operating Expenses Salaries and Wages Expense Office Expense S