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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 $ $43,030$

Accounts Receivable $18,400$

Inventory $66,500$

Property and Equipment $51,000$

Accumulated Depreciation $ $21,400$

Accounts Payable $30,700$

Common Stock $92,000$

Retained Earnings, January $111,800$

Sales Revenue $171,200$

Cost of Goods Sold $100,400$

Salaries and Wages Expense $17,400$

Office Expense $18,400$

Interest Expense $2,100$

Income Tax Expense $9,870$

Totals $ $327,100$ $ $327,100$

Required:

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.