At the beginning of the current season on April 1, the ledger of Sheridan Pro Shop showed Cash $3,085; Inventory $4,085; and Common Stock $7,170. The following transactions occurred during April 2022. Apr. 9 10 12 Purchased golf bags, clubs, and balls on account from Arnie Co. $1,755, terms 3/10, n/60. Paid freight on Arnie Co. purchases $94. Received credit from Arnie Co. for merchandise returned $455. Sold merchandise on account to members $1,568, terms n/30. Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $971, terms 2/10, n/30. Paid Arnie Co. in full. Received credit from Woods Sportswear for merchandise returned $171. Made sales on account to members $948, terms n/30. Paid Woods Sportswear in full. Granted credit to members for clothing that did not fit properly $94. Received payments on account from members $1,427. 14 17 20 21 27 30 Prepare an income statement through gross profit, assuming inventory on hand at April 30 is $4,988. SHERIDAN PRO SHOP Income Statement (Partial) For the Month Ended April 30, 2022 Purchases Less : Purchase Returns and Allowances $ Purchase Discounts Net Purchases Add : Freight-In - Cost of Goods Available for Sale Less : Inventory, April 30 Cost of Goods Sold Gross Profit