Class Assignment: From the following information prepare the Income Statement of a sole proprietor for the year ended December 31, 2019 Doller ($) Doller ($) Stock (January 1, 2019)- 15,000 Salaries -50,000 Sales 305,000 Commission Paid- 25,000 Purchases- 190,000 Commission received- -2,500 Carriage inwards- 1,500 Interest paid- 13,500 Freight Inwards- 2,500 Interest received- --2,000 Sales Returns- Discount Allowed-- 5,000 1,750 Purchases returns- Discount received- 250 2,500 Rent Paid- 1,900 Carriage outwards- 3,000 Depreciation on Machines- 16,000 Miscellaneous Incomes- 27,000 The closing Stock of goods as at 31, December 2019 is $ 30,000.