View Policies Current Attempt in Progress The following selected information is presented for Concord Limited for the year ended February 28, 2021. Concord uses a periodic inventory system. Accounts receivable Administrative expenses Common shares $28,600 106,400 74,800 3,960 36,960 7,440 Inventory, Mar. 1, 2020 Inventory, Feb. 28, 2021 Purchase discounts Purchase returns and allowances Purchases Deferred revenue $48,080 69,840 34,320 18,320 240,240 345,680 Dividends declared Freight in Sales 8.200 Income tax expense Interest expense Selling expenses 8,000 6.880 (a) Activate W Go to Settings search Prepare a multiple-step statement of income. CONCORD LIMITED Statement of Income Year Ended February 28, 2021 $ Less Sales Returns and Allowances Sales Discounts Net sales Activate Windows Go to Settings to act > $ Activate Wind Question 1 of 3 - / 10 5