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 $4,5000 was on hand. A partial listing of adjusted account balances follows: Accounts payable $ 5.250 Accounts receivable. 7.000 Cash... 23.200 Freight in..... 1,245 Income tax expense 3,935 Inventory, December 1 3,350 Operating expenses.. 22,425 Purchases. 33,500 Purchase returns and allowances 350 Sales 70,250 Prepare a multiple-step statement of income for ABC Company for December 30, 2020