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 267,100 Cost of Goods Sold 207,000 Salaries and Wages Expense 40,000 Office Expense 2,500 Travel Expenses 1,000 Income Tax Expense 4,980 Net Profit 11,620 Totals 267,100267,100 PA6-5 (Algo) Part 1 Required: Prepare a properly formatted multistep income statement that would be used for external reporting purposes.