[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	$	46,220
Accounts Receivable		19,600
Inventory		71,000
Property and Equipment		54,000
Accumulated Depreciation					$	22,700
Accounts Payable						32,800
Common Stock						98,000
Retained Earnings, January 1						12,400
Sales Revenue						183,800
Cost of Goods Sold		107,600
Salaries and Wages Expense		18,600
Office Expenses		19,600
Interest Expense		2,400
Income Tax Expense		10,680
Totals	$	349,700			$	349,700

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.