Blue Spruce Athletic Wear Inc.s adjusted trial balance amounts (with the exclusion of the adjusting entry to update Inventory and Cost of Goods Sold accounts) appear in alphabetical order as follows on December 31, 2021, the end of its fiscal year:

Accounts payable		$101,065		Inventory, Jan. 1		$49,815
Accounts receivable		54,366		Land		92,250
Accumulated depreciationbuildings		63,714		Mortgage payable		153,750
Accumulated depreciationequipment		52,767		Prepaid insurance		2,952
Administrative expenses		222,507		Property tax payable		5,904
Buildings		233,700		Purchases discounts		27,675
Cash		20,910		Purchase returns and allowances		7,872
Common shares		64,575		Purchases		493,968
Deferred revenue		10,209		Refund liability		5,084
Dividends declared		9,840		Retained earnings		84,378
Equipment		135,300		Salaries payable		4,305
Freight in		6,888		Sales		783,510
Income tax expense		19,680		Selling expenses		9,840
Interest expense		12,792

Date	particulars	Debit	Credit
31- dec	inventory (ending inventory)	89298
	Purchase returns and allowances	7872
	Purchase discounts	27675
	Cost of goods sold ( balancing figure)	425826
	Inventory (opening inventory)		49815
	Purchases		493968
	Fright in		6888

Prepare a multiple-step statement of income for the year.

BLUE SPRUCE ATHLETIC WEAR INC. Statement of Income Year Ended December 31, 2021Month Ended December 31, 2021December 31, 2021
				$
Net salesTotal operating expensesLossIncome before income taxGross profitNet PurchasesCost of goods purchasedOperating expensesNet Income / (Loss)Income from operationsInventory, December 31Inventory, January 1Sales revenuesCost of goods available for saleOther income and expenses			$
		$
LessAdd:
Gross profitTotal operating expensesIncome before income taxNet salesInventory, January 1Net PurchasesLossIncome from operationsInventory, December 31Other income and expensesCost of goods available for saleOperating expensesSales revenuesCost of goods purchasedNet Income / (Loss)
LessAdd:
Total operating expensesLossGross profitCost of goods purchasedOperating expensesSales revenuesNet salesInventory, January 1Cost of goods available for saleInventory, endingIncome before income taxNet Income / (Loss)Other income and expensesIncome from operationsNet Purchases
Operating expensesLossTotal operating expensesCost of goods purchasedIncome from operationsOther income and expensesInventory, endingGross profitSales revenuesNet Income / (Loss)Income before income taxCost of goods available for saleNet salesInventory, January 1Net Purchases
LessAdd: Net Income / (Loss)Operating expensesTotal operating expensesLossInventory, December 31Inventory, January 1Cost of goods available for saleCost of goods purchasedOther income and expensesNet PurchasesGross profitNet salesCost of goods soldSales revenuesIncome from operationsIncome before income tax
Total operating expensesIncome before income taxOther income and expensesInventory, January 1Inventory, December 31Cost of goods purchasedNet Income / (Loss)Net PurchasesOperating expensesCost of goods available for saleIncome from operationsNet salesGross profitLossSales revenues
Cost of goods purchasedIncome before income taxNet PurchasesOperating expensesSales revenuesInventory, January 1Cost of goods available for saleInventory, December 31Net Income / (Loss)LossOther income and expensesNet salesIncome from operationsTotal operating expensesGross profit
			$
Cost of goods available for saleIncome before income taxSales revenuesNet Income / (Loss)Inventory, endingIncome from operationsGross profitNet salesTotal operating expensesCost of goods purchasedLossOperating expensesOther income and expensesInventory, January 1Net Purchases
Operating expensesNet Income / (Loss)Cost of goods purchasedInventory, endingCost of goods available for saleInventory, January 1Income before income taxGross profitOther income and expensesLossTotal operating expensesNet PurchasesIncome from operationsSales revenuesNet sales
LossSales revenuesOperating expensesOther income and expensesIncome before income taxIncome from operationsCost of goods available for saleNet Income / (Loss)Inventory, endingNet PurchasesNet salesCost of goods purchasedGross profitInventory, January 1Total operating expenses
Other income and expensesInventory, endingIncome before income taxNet salesIncome from operationsOperating expensesInventory, January 1Cost of goods purchasedTotal operating expensesLossSales revenuesGross profitNet PurchasesCost of goods available for saleNet Income / (Loss)
Gross profitInventory, January 1LossNet salesOperating expensesOther income and expensesIncome before income taxInventory, endingIncome from operationsCost of goods purchasedSales revenuesNet PurchasesNet Income / (Loss)Total operating expensesCost of goods available for sale