Required information [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: Cash Account Titles Accounts Receivable Inventory Property and Equipment Debits $ 42,000 18,000. 65,000 50,000 Credits Accumulated Depreciation Accounts Payable Common Stock Retained Earnings, January 1 Sales Revenue Cost of Goods Sold Salaries and Wages Expense Office Expense Interest Expense Income Tax Expense Totals Required: $ 21,000 30,000 90,000 11,600 167,000 98,000 17,000 18,000 2,000 9,600 $319,600 $319,600 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