The following selected information is presented for Bramble Limited for the year ended February 28, 2021. Bramble uses a periodic inventory system.

Accounts receivable		$40,300		Inventory, Mar. 1, 2020		$67,880
Administrative expenses		149,960		Inventory, Feb. 28, 2021		98,640
Common shares		105,400		Purchase discounts		48,360
Deferred revenue		5,580		Purchase returns and allowances		25,880
Dividends declared		52,080		Purchases		338,520
Freight in		10,500		Sales		487,880
Income tax expense		11,620		Selling expenses		11,240
Interest expense		9,760

Prepare a multiple-step statement of income.