The following information relates to Sarah's Surfboards Inventory 1 July 2006 Sales Sales returns and allowances Financial expenses Purchases Purchase returns and allowances Discount received Freight inwards Selling and distribution expenses Administrative expenses Inventory 30 June 2007 Debit 20.960 8,630 2.500 386,210 2,820 61,360 21,445 15,800 Credit 512,310 4,200 3.171 Using the information above, prepare the income statement for the year ending 30 June 2007 for Sarah's Surfboards