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Al Rajhi Bank, one of the leading financial institutions in Saudi Arabia, has provided you with the following trial balance as of December 31, 2023:

Al Rajhi Bank, one of the leading financial institutions in Saudi Arabia, has provided you with the following trial balance as of December 31, 2023:

Account Title

Debit (SAR)

Credit (SAR)

Cash

500,000


Accounts Receivable

700,000


Inventory

300,000


Property, Plant, and Equipment

3,000,000


Accumulated Depreciation


500,000

Accounts Payable


400,000

Long-Term Debt


1,200,000

Common Stock


1,000,000

Retained Earnings

1,500,000


Sales Revenue


5,000,000

Cost of Goods Sold

2,000,000


Operating Expenses

1,200,000


Interest Expense


100,000

Income Tax Expense


300,000

Dividends

400,000


Prepare a horizontal income statement for Al Rajhi Bank for the year ended December 31, 2023, in SAR. Ensure to include all necessary calculations and classifications of revenues and expenses.

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