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: Account Titles Cash Accounts Receivable Inventory Property and Equipment 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 Debits $ 50,440 Credits 21,200 77,000 58,000 $ 24,400 35,600 106,000 13,200 200, 600 117,200 20,200 21,200 2,800 11,760 $379,800 $379,800 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, INCORPORATED Income Statement