Presented below is the trial balance of Thompson Ltd. at December 31, 2019.

A physical count of inventory on December 31 resulted in an inventory amount of £64,000; thus, cost of goods sold for 2019 is £645,000.
Instructions
Prepare an income statement and a retained earnings statement. Assume that the only changes in retained earnings during the current year were from net income and dividends. Thirty thousand ordinary shares were outstanding the entire year.