Required information [The following information applies to the questions displayed below.) Emily's Greenhouse Corporation is a local greenhouse organized 10 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): Credit $485,000 EMILY'S GREENHOUSE CORPORATION Profit and Loss December 31 Debit Net Sales Cost of Goods Sold $311,000 Salaries and Wages Expense 61,000 Office Expenses 13,000 Travel Expenses 3,080 Income Tax Expense 18,000 Net Profit 79,000 Totals $485,000 $485,000 Required: 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes. EMILY'S GREENHOUSE CORPORATION