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. 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