Use the following information from the records of "Pay-It-Forward" to prepare an income statement for the year ended 30 June 2021. (8 marks) Freight inwards 9 100 Sales 530 000 Inventory, 1 July 2020 12 600 Inventory, 30 June 2021 8 400 Finance Expenses 6 100 + Selling and distribution expenses 28 000 Administrative expenses 19 000 Purchases 320 000 + Briefly explain the difference in the journals necessary when a business buys inventory, depending on whether a perpetual inventory system or periodic inventory system is used. (2 marks)