Home work-Income Statement The revenues and expenses of the Chan Exporters for the year ended 31st December 2020 Calculate the trading account and the income statement for the year. Salaries and Wages Selling and Distribution Expense Rent Bad debts wriiten off Telephone Insurance Sales MV Expense Loan Interest Depreciation Motor Van Dep Fixtures and Fittings Cost of Sales 92,000 44,000 30000 86,000 4,000 2,000 840,000 8,000 5,000 3,000 4,000 620,000 Analyse the business for the year 31st December 2020. In the previous year sales were 640,000 In the previous year gross profit was 200,000 and the net profit was 37,000