Your supervisor has requested your assistance with the preparation & drafting of the financial reports of Senaratne Ltd for the period ending 30 June, 2020. The company uses the periodic inventory system. All sales of goods of Senaratne Ltd are on a credit basis. The Unadjusted Trial Balance of Senaratne Ltd., as at 30 June 2020 shows the following ledger account balances: SENARATNE LTD Unadjusted Trial Balance as at 30 June 2020 Account Debit Credit $865 000 10 000 56 200 24 000 132 000 240 000 $242 000 480 000 84 000 60 000 102 940 1 200 Share capital First Cali Retained earnings Accounts payable Bank overdraft (current) Mortgage payable Land Buildings Accumulated depreciation - buildings Motor Vehicles Accounts receivable Provision for doubtful debts Inventory (1 July 2019) Investments Sales Interest revenue Sales returns & allowances Purchases Freight inwards Salaries Directors Fees Commission expense Interest expense Delivery expense General expenses 180 000 480 000 406 000 21 000 4 000 157 000 1 800 59 880 3 600 1 200 12 000 2 400 32 580 SI 829 400 $1 829 400 PART B Your next task is to prepare a detailed Classified Income Statement for the period ending 30 June, 2020 with reference to the General Journal adjustments in Part A. SENARATNE LTD Income Statement for the year ended 30 June 2020