ExxonMobil	Transactions for the Year Ended 31 December 2020
Transaction	Amount (£)
Sales revenue	340,000
Cost of goods sold	200,000
Salaries and wages	48,000
Rent expense	24,000
Depreciation expense	16,000
Utilities expense	10,000
Insurance expense	8,000

Requirements:

1. Prepare an income statement for ExxonMobil for the year ended 31 December 2020.
2. Calculate the gross profit and net profit.
3. Determine the total operating expenses and net earnings.