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 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 Debits $ 44,060 18,800 68,000 52,000 102,800 17,800 18,800 2,200 10,140 $ 334,600 Credits $ 21,800 31,400 94,000 12,000 175,400 $ 334,600

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. 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) 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 Decemheir 31