Google LLC	Year Ended 31 December 2020
Vehicle operating expenses	£1,300
Ending inventory	£4,000
Rent costs	£6,100
Motor vehicles – cost less depreciation	£7,200
Annual depreciation – motor vehicles	£1,700
Utility bills	£950
Postal and communication	£510
Sales turnover	£98,500
Purchase costs	£67,500
Insurance premiums	£760
Loan interest costs	£630
Bank balance	£4,700
Employee wages	£10,400
Opening inventory	£4,200

Prepare an income statement for the year ended 31 December 2020, and compute the gross profit and net income.