Below is the Trial balance of Miss Piggy & Kermit Inc. after his first year's trading:

Miss Piggy & Kermit Inc

Trial Balance as at 30 June 20X8

DrCr

$$

Revenue 99082

Purchases71409

Rent 2,000

Printing and stationery562

Electricity1266

Wages 9,492

Insurance 605

Premises 145000

Computer equipment 8000

Trade receivables 9498

Other operating expenses 1518

Trade payables 3618

Cash at bank 6541

Drawings12200

Motor vehicle 16500

Motor expenses 3109

Capital 185000

Total287000 287000

Inventory at 30 June 20X8 was valued at $11498.

Required:

Prepare the income statement for the year ended 30 June 20X8.