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 Debits $ 50,440 Credits 21,200 77,000 58,000 $ 24,400 35,600 Retained Earnings, January 1 Sales Revenue 106,000 13,200 200,600 Cost of Goods Sold 117,200 Salaries and Wages Expense 20,200 Office Expense 21,200 Interest Expense Income Tax Expense Totals 2,800 11,760 $ 379,800 $ 379,800 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. PSYMON COMPANY, INCORPORATED Income Statement