Using the information in the Unadjusted Trial Balance at July 31, 2020 below prepare an Income Statement up to and including the Gross Profit line at July 31, 2020. The company uses a periodic inventory system and prepares financial statements annually. $ Accounts payable. .35,699 Accounts receivable.... 6,900 Accumulated depreciation Vehicles.... 18,000 Capital (Proprietor.......... 6,986CR Cash......... 21,345 Depreciation expense... 2,000 Merchandise inventory... 35,288 Office supplies expense. 1,200 Purchase discounts... 1,400 Purchase returns and allowance... 2,600 Purchases 109,400 Rent expense... 18,000 Salaries expense.. 60,000 Sales discounts. 4,560 Sales returns and allowances, 7,000 Sales......... 245,500 Transportation in.... 7,000 Transportation out (to customer). 3,780 Vehicles........... 40,000 Withdrawals 2,000 (NOTE THAT ALL ACCOUNTS HAVE THEIR NORMAL DEBIT OR CREDIT BALANCES) A physical count shows the cost of ending inventory at December 31, 2020 is $17,000 HUAWEI