[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 bookkeeper prepared the following statement at year-end (assume that all amounts are correct, but note the incorrect format) BIG TOMMY CORPORATION Profit and Loss December 31 Debit Credit Net Sales $539,900 $335,000 72,000 Cost of Goods Sold Salaries and Wages Expense Office Expenses Travel Expenses Income Tax Expense Net Profit 26,500 1,000 31,620 73,780 $539,900 $539,900 Totals 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes. BIG TOMMY CORPORATION Income Statement 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %