Required information The following information applies to the questions displayed below. Psymon Company, Inc., 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 $ 60,940 25,200 92,000 68,000 Credits Cash Accounts Receivable Inventory Property and Equipment Accumulated Depreciation Accounts Payable 28, 42,600 126,000 15,200 242,600 Common Stock Retained Earnings, January 1 Sales Revenue Cost of Goods Sold 141,200 24,200 25,200 Salaries and Wages Expense Office Expenses Interest Expense Income Tax Expense 3,800 14,460 Totals $455,000 $455,000 Required: 1. Prepare a multistep income statement that would be used for external reporting purposes. TIP: Some of the accounts listed will 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, INC. Income Statement For the Year Ended December 31 Sales Revenue 242,600 Cost of Goods Sold 141,200 Gross Profit 101,400 Salaries and Wages Expense 24,200 nses Office Expenses 25,200 Income from Operations Interest Expense Income before Income Tax Expense Income Tax Expense Net Income