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10. a. Identify and Define the five elements of an income statement b. Prepare an income statement for mechanical workshop for the year ending December

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10. a. Identify and Define the five elements of an income statement b. Prepare an income statement for mechanical workshop for the year ending December 31, 2020 given the information below. Advertising expenditures Beginning inventory Ending inventory Sales Lease payments Managerial salaries Materials purchases R&D Expenditures Repairs and maintenance 68,000/= 256,000/= 248,000/= 3,210,000/= 52,000/= 240,000/= 2,425,000/= 35,000/- 22,000/=

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