Use the following information from the records of Preston Partners to prepare an income statement under the periodic inventory system for the year ended 30 June 2017.

Purchases Inventory, 1 July 2016 Inventory, 30 June 2017 Selling and distribution expenses Sales Purchases returns and allowances Sales returns and allowances Administrative expenses Freight inwards Finance expenses

$

186 600 13 860 12 920 45 420 268 860 4 420 6 220 16 460 3 180 2 020