Required information (The following information applies to the questions displayed below.) Psymon Company, Inc., 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 Debits Credits Cash $ 56, 720 Accounts Receivable 23, 600 Inventory 86,000 Property and Equipment 64,000 Accumulated Depreciation $ 26,900 Accounts Payable 39,800 Corrmon Stock 118,000 Retained Earnings, January 1 14,400 225,800 Cost of Goods Sold 131,600 Salaries and Wages Expense 22,600 Office Expenses 23,600 Interest Expense 3,400 Income Tax Expense 13, 380 Totals $424,900 $424,900 Sales Revenue 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, INC. Income Statement For the Year Ended December 31 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %