Required information: CP6-5 (Algo) Preparing a Multistep Income Statement and Computing the Gross Profit Percentage [LO 6- 6] [The following information applies to the questions displayed below.) 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 Debita $ 46,220 19,600 71,000 54,000 Credits Accumulated Depreciation $22,700 Accounts Payable 32,000 Common Stock 98,000 Retained Earnings, January 1 12,400 Sales Revenue 103,000 Cost of Goods Sold 107,600 Salaries and Wages Expense 18,600 office Expense Interest Expense Income Tax Expense Totals 19,600 2,400 10,680 $ 349,700 $349,700 CP6-5 (Algo) Part 1 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. Check 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