Required information [The following information applies to the questions displayed below.] Big Tommy Corporation is a local grocery store organized seven years ago as a corporation. The bookkeeper prepared the following statement at year-end (assume that all amounts are correct, but note the incorrect format): BIG TOMMY CORPORATION Profit and Loss December 31 Debit Credit $313,400 Net Sales Cost of Goods Sold Salaries and Wages Expense Office Expenses Travel Expenses Income Tax Expense Net Profit Totals $231,000 46,000 7,000 1,000 8,520 19,880 $313,400 $313,400 Required: 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes