Inverness Books Ltd. operates a bookstore. The results from the month of August 2023 are presented below. Prepare an income statement for the month of August. Administrative expenses 12,000.00 Merchandise inventory, beginning balance 30,000.00 Merchandise inventory, ending balance 25,000.00 Merchandise purchases 50,000.00 Sales 85,000.00 Selling expenses 8,500.00