Chao is a business advisor. He provided the following trial balance on 31^st July 2020.

	$			$
Salaries	52 000		Fees from clients	120 000
Rates and insurance	7 100		Provision for doubtful debts	880
Advertising	9 400		Provision for depreciation
Motor expenses	3 100		of equipment	980
General Office expenses	17 236		Provision for depreciation
Premises at cost	60 000		of motor vehicles	5 250
Equipment at cost	9 800		Loan (5% pa) repayable
Motor vehicles at cost	12 000		31 December 20-9	20 000
Trade receivables	31 000		Capital	79 000
Drawings.	42 000		Bank overdraft	17 526
	243 636			243 636

The following additional information is also provided.

1. On 31^st July 2020.

Salaries accrued amounted to $2100

Rates prepaid amounted to $210

One years interest is accrued on the loan

2. The equipment is to be depreciated at 10% per annum using the straight line method.

The motor vehicles are to be depreciated at 20% per annum using the reducing balance method

3. Bad debts of $300 are to be written off.

The provision for doubtful debts is to be adjusted to 2% of the remaining Trade receivables.

Prepare an Income Statement from the above data.