[The following information applies to the questions displayed below.] Big Tommy Corporation is a local grocery store organized seven years ago as a corporation. The book-keeper prepared the following statement (assume that all amounts are correct, but note the incorrect terminology and format): BIG TOMMY CORPORATION Profit and Loss December 31 Debit Credit Sales $ 340,000 Cost of Goods Sold $ 239,000 Sales Returns and Allowances 6,500 Sales Discounts 5,000 Salaries and Wages Expense 48,000 Office Expense 8,500 Travel Expenses 1,000 Income Tax Expense 9,600 Net Profit 22,400 Totals $ 340,000 $ 340,000 6.value: 0.50 pointsRequired information Required: 1. Prepare a properly formatted multistep income statement that would be used for internal reporting purposes. Treat Sales Returns and Allowances and Sales Discounts as contra-revenue accounts. rev: 10_16_2015_QC_CS-30024, 10_21_2016_QC_CS-66686 ReferenceseBook & Resources Financial StatementsDifficulty: 2 MediumLearning Objective: 06-05 Prepare and analyze a merchandisers multistep income statement. Check my work 7.value: 0.50 pointsRequired information 2. Prepare a properly formatted multistep income statement that would be used for external reporting purposes, beginning with the amount for Net Sales. ReferenceseBook & Resources Financial StatementsDifficulty: 2 MediumLearning Objective: 06-05 Prepare and analyze a merchandisers multistep income statement. Check my work 8.value: 1.51 pointsRequired information 3. Compute the gross profit percentage. (Round your answer to 1 decimal place.)