b) The following balances appear in the accounting records of For Real Shop Limited for the year ended 31 Shs. Sales 750.000 Opening stock 38,000 Purchases 450,000 Administration expenses 97,000 Selling and distribution expenses 65,000 Interest on bank loan 21,000 Additional information: 1. Accrued administration expenses are Shs.20,000. Prepaid selling expenses at the end of the period are Shs. 15,000. The closing stock is valued at Shs.54,000. Income tax payable is expected to be Shs 37,000. Required: Prepare an income statement for the year ended 31st December, 2020. (7 Marks) [Total 15 Marks]