Financial information of Barnes Ltd, a furniture maker, for the year ended 31st December 202X as follow: Capital Cash at Bank Account Machinery Provision for depreciation - Warehouse Plant and buildings Provision for depreciation - Machinery Stock at 1st Jan 202X Purchases Sales Trade debtors Trade creditors Selling and distribution expenses Provision for doubtful debts at 1st Jan 202X Administrative expenses Bank loan to be repaid in 2025 Debit 3,000 120,000 100,000 14,500 22,000 20,000 18,450 5,300 Credit 100,000 20,000 15,000 105,000 16,750 3,200 65,300 Notes: Operating expenses Interest Returns inward Returns outward Total 1. Stock at 31st December 202X 16,700. 2. Operating expenses 2,000 accrued. 3. Selling and administrative expenses 4,500 prepaid. 12,750 10,000 2,000 2750 328,000 328,000 4. Provision for doubtful debts adjusted to 7% of debtors. 5. Warehouse and machinery to be depreciated at 10% straight-line method. a) Prepare an Income Statement for Barnes Ltd for the year ended 31st December 202X