John Potter is the sole proprietor of Regal Pets, a business specializing in the sale of high-end pet gifts and accessories. Regal Pets' sales totaled $1,105,000 during the most recent year. During the year, the company spent $52,000 on expenses relating to website maintenance, $33,200 on marketing, and $28,500 on wrapping, boxing, and shipping the goods to customers. Regal Pets also spent $641,000 on inventory purchases and an additional $21,200 on freight-in charges. The company started the year with $18,250 of inventory on hand and ended the year with $13,100 of inventory. Prepare Regal Pets' income statement for the most recent year. Prepare Regal PetS' Income Statement Tor me most recent year. Regal Pets Income Statement For Current Year Less- | :| Less: |