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ACTIVITY 3: PREPARE TO EARNI DIRECTIONS: Given the selected amounts from the accounting records of Bicol Souvenirs, prepare the income statement for the year-ended December 31, 2020 using the multi-step approach. (25 points) P 48,300.00 Owner's Equity, 1/1/2020 P 126,070.00 Accounts Receivable 18,700.00 Purchases 91,300.00 Accumulated Depreciation ? Purchase Discounts 3,000.00 Cost of Goods Sold 37,840.00 Purchase Returns 2,000.00 Distribution Cost Freight-In 301,000.00 2,200.00 Sales 9,000.00 General Expenses 23,800.00 Sales Discounts 16,000.00 Merchandise Inventory, 1/1/2020 21,870.00 Sales Returns 6,500.00 Merchandise Inventory, 12/31/2020 19,450.00 Unearned Revenues Other Operating Expenses 1,500.00