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Prepare an Income Statement.

Note: Amounts to be deducted should be indicated by a minus sign.

$\backslash$table$[[$SULLIVAN$\text{'}$S ISLAND COMPANY$],[$Income Statement$],[$For the Year Ended December $31,2024],[,$Pounds,$\backslash$table$[[$U$.$S$.],[$Dollars$]]],[$Rent revenue,$102,000vv,$$$310,080$vvSullivan's Island Company began operating a subsidiary in a foreign country on January $1,2024,$ by investing capital in the amount of $80,000$ pounds. The subsidiary immediately borrowed $190,000$ pounds on a five$-$year note with $8$ percent interest payable annually beginning on January $1,2025.$ The subsidiary then purchased for $270,000$ pounds a building that had a $10-$year expected life and no salvage value and is to be depreciated using the straight$-$line method. Also on January $1,2024,$ the subsidiary rented the building for three years to a group of local attorneys for $8,500$ pounds per month. By year$-$end, rent payments totaling $85,000$ pounds had been received, and $17,000$ pounds was in accounts receivable. On October $1,2024,3,400$ pounds was paid for a repair made to the building. The subsidiary transferred a cash dividend of $11,750$ pounds back to Sullivan's Island Company on December $31,2024.$ The functional currency for the subsidiary is the pound. Currency exchange rates for $1$ pound follow:

January $1,2024$ $ $3\mathrm{.}00=1$ Pound

October $1,20243\mathrm{.}05=1$ Pound

December $31,20243\mathrm{.}08=1$ Pound

Average for $20243\mathrm{.}04=1$ Pound

Required:

Prepare an income statement.