ABC company uses the periodic inventory system to prepare its financial statements. All accounts have been adjusted except for inventory which was last adjusted November 30, 2020. A physical count of inventory on December 31, 2020, indicates that $45,000 was on hand. A partial listing of adjusted account balances follows: Accounts payable $5,250, Accounts receivable 7,000, Cash $23,000, Freight In 1,245, Income Tax expense 3,935, Inventory Dec 1 $3,350, Operating expenses $22,425, Purchases $33,500, Purchase returns and allowances $350, Sales $70,250. Prepare a multi-step income statement of income for ABC company for dec 30,2020