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At the end of Sheffield Department Store's fiscal year on December 31, 2020, these accounts appeared in its adjusted trial balance. Freight-In Inventory NT$161,000

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At the end of Sheffield Department Store's fiscal year on December 31, 2020, these accounts appeared in its adjusted trial balance. Freight-In Inventory NT$161,000 1,085,000 Purchases 13,600,000 Purchase Discounts 361,000 Purchase Returns and Allowances 213,000 Sales Revenue 25,540,000 Sales Returns and Allowances 586,000 Additional facts: 1. Merchandise inventory on December 31, 2020, is NT$1,854,000. 2. Sheffield Department Store uses a periodic system. Prepare an income statement through gross profit for the year ended December 31, 2020. SHEFFIELD DEPARTMENT STORE Income Statement (Partial) For the Year Ended December 31, 2020.

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