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	$ 54,560
Accounts Receivable	22,800
Inventory	83,000
Property and Equipment	62,000
Accumulated Depreciation		$ 26,000
Accounts Payable		38,400
Common Stock		114,000
Retained Earnings, January 1		14,000
Sales Revenue		217,400
Cost of Goods Sold	126,800
Salaries and Wages Expense	21,800
Office Expense	22,800
Interest Expense	3,200
Income Tax Expense	12,840
Totals	$ 409,800	$ 409,800

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.