UL started business on 1 July 2016, and had the following transactions on 1 July: 

a. Issued 300 000 shares of $1 for $300 000 cash.
b. Bought equipment for $200 000, paying cash. The equipment has a five-year life, 

c. Bought $50 000 worth of inventory on credit, 

d. Paid $8000 for a year's rent on a building.
e. Took out a two-year $200 000 bank loan at an interest rate of 10 per cent per annum. The interest is not payable until the end of the loan.
Between 1 July and 31 December, the following transactions occurred: 

f. Sold inventory that cost $30 000 for $70 000. All sales were on credit, 

g. Paid $40000 to suppliers of inventory for the credit purchases in point (c), above, 

h. Collected $50000 from customers, 

i. Paid salaries of $10 000.
j. Received $4000 for a job to be completed in February 2017.
On 31 December:
k. Salaries of $3000 were owing to staff.
I. Owed $8000 by the bank for interest.

For the period 1 July to 31 December 2016:
1. List all revenues (including dollar amounts) that will appear in the income statement.
2. List all expenses (including dollar amounts) that will appear in the income statement.