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Emilys 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):

EMILYS GREENHOUSE CORPORATION
Profit and Loss
December 31
	Debit	Credit
Net Sales		$ 838,500
Cost of Goods Sold	$ 408,000
Salaries and Wages Expense	129,000
Office Expense	38,500
Travel Expenses	11,300
Income Tax Expense	75,510
Net Profit	176,190
Totals	$ 838,500	$ 838,500

Required:

1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes.