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 $516,200 Net Sales Cost of Goods Sold Salaries and Wages Expense Office Expenses Travel Expenses Income Tax Expense Net Profit Totals $327,80e 70,00e 25,000 1,00e 27,960 65,240 $516, 20e $516,200 Required 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes BIG TOMMY CORPORATION Income Statement 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage 0