Use the following information from the records of Preston Partners to prepare an income statement under the periodic inventory system for the year ended 30 June 2020 Purchases Inventory, 1 July 2019 Inventory, 30 June 2020 Selling and distribution expenses 51,780 Sales Purchases returns and allowances Sales returns and allowances Administrative expenses Freight inwards Finance expenses $212,700 15,800 14,730 306,500 5,040 7,090 18,760 3,630 2,300 Preston Partners Income statement for the year ended 30 June 2020