From the following trial balance of Alpha Ltd and additional information, prepare the company's income statement for the year ended 31 December 2023.

Alpha Ltd Trial Balance as at 31 December 2023:

Account Name	Debit (£)	Credit (£)
Sales		900,000
Purchases	450,000
Inventory (01.01.2023)	100,000
Rent	50,000
Wages	120,000
Administrative Expenses	80,000
Depreciation	40,000
Interest	20,000
Equity Capital		300,000
Retained Earnings (01.01.2023)		100,000
Trade Payables		100,000
Trade Receivables	70,000
Cash	30,000
Land and Buildings	500,000
Plant and Machinery	200,000
Accumulated Depreciation		60,000
Total	1,660,000	1,660,000

Additional Information:

• Closing Inventory: £120,000
• Corporation Tax: £50,000