At the end of Hotai Department Store’s fiscal year on December 31, 2020, these accounts appeared in its adjusted trial balance.

Freight-In ..........................................................NT$ 165,000
Inventory ...............................................................1,215,000
Purchases ...........................................................13,200,000
Purchase Discounts ................................................360,000
Purchase Returns and Allowances .......................192,000
Sales Revenue ....................................................21,540,000
Sales Returns and Allowances ..............................510,000

Additional facts:
1. Merchandise inventory on December 31, 2020, is NT$1,950,000.
2. Hotai Department Store uses a periodic system.

Instructions
Prepare an income statement through gross profi t for the year ended December 31, 2020.