C. ITexpert Company sells computers, laptops and technology related accessories with financial year ended 31 December every year. ITexpert had revenues of $360,000 in 2021.The company has not collected on $35,000 of its sales, and still owes $40,000 on $150,000 of inventory they purchased. There was $31,000 inventory on hand at the end of the year. The opening inventory was $23,000. No sales return during the year. The company paid $25,000 in salaries. The owner invested $40,000 in the business and $25,000 was borrowed on a five-year note. The company paid $3,000 in interest that was the amount owed for the year of 2021 and paid $8,000 for a two-year insurance policy effective on 1 January 2021 until 31 December 2022. Rental expenses and depreciation expenses during the year were $23,000 and $2,440 respectively. Prepare the income statement of Itex Company for the year ended 31 December 2021. (16 marks)