Chandler & Jenny runs a small business. In the year ending 31st December 2013, she purchased goods to the gross value of 47,490. Goods returned to the supplier (Returns outwards) in the year were 2,000. Carriage inwards for the year was 1000. On the last day of the year a stock take revealed that the closing inventory was 4,789. The opening inventory on the first day of the year was 1,590 and sales for the year were 66,667 Carriage outwards for the year totalled 2,350 while cash discounts allowed were 2,025. Her other expenses for the year were rent of 4,890, heating and lighting of 4,190, advertising of 225, office expenses of 268, Tax of 1100 and loan interest of 150. Required: Prepare the income statement for the year ended December 31st 20X3